ScaleUp Malaysia announces investments in 11 emerging startups

ScaleUp Malaysia, an accelerator that focuses exclusively on growth-stage companies in Malaysia, in partnership with Quest Ventures, Indelible Ventures, and Mranti signalled the culmination of its third cohort with the unveiling of its selection of top startups.

The cohort which kicked off in August 2021 drew over 200 applications from 26 countries including Malaysia, the United States, Egypt, Indonesia, Singapore and Japan. 20 companies were shortlisted to participate in Cohort 3 and placed into separate tracks, giving them exclusive access to Quest Ventures and Indelible Ventures respectively over the course of 16 weeks.

The companies selected by Quest Ventures for co-investment were GuruInnovtif, Open Academy, MadCash, SpareXHub, VireServe, and WaSushi. Indelible Ventures selected Howuku, Kumo and MidWest Composites for co-investment. ScaleUp Malaysia also made direct investments in BizTech Asia and RECQA, alumni from its 2nd Cohort. Quest Ventures and Indelible Ventures look to announce 1-2 more companies at a later date.

Xelia Tong, Managing Partner of ScaleUp Malaysia said: “At the very core, ScaleUp Malaysia Accelerator aims to nurture businesses, catapulting their growth beyond traditional boundaries to create the next generation of disruptive businesses,” said Xelia Tong, managing partner of ScaleUp Malaysia.

Ensuring the companies are well equipped to navigate future challenges, prime them for further growth and tap markets across Southeast Asia, each company will receive up to USD$60,000 (~MYR 250,000) in investment.

Quest Ventures has shown a commitment to developing the Malaysian ecosystem and has grown a portfolio of 16 companies in the nation through its partnership with ScaleUp Malaysia over the last 12 months.

“We truly believe that Malaysia has some of the best entrepreneurs in the region with a flair for innovation and an innate ability to understand cultures in various markets. We are excited to welcome these 6 new companies into our portfolio and work with them to build globally scalable businesses,” Jeffrey Seah, Partner of Quest Ventures, said.

Indelible Ventures which launched in September2021 is on the lookout for tech-enabled Malaysian start-ups with B2B products that are ready to scale internationally. Indelible has selected 3 companies to invest in from this Cohort.