ScaleUp Malaysia announces Cohort IV with over US$600k invested into 7 companies
By Digital News Asia April 19, 2023
- Investments set to bolster innovation in Malaysia's digital economy
- Six to receive US$100k each, 7th will receive strategic investment
ScaleUp Malaysia has announced investments into seven innovative companies for its Cohort IV. The upfront investments for its accelerator program marks a significant milestone for ScaleUp Malaysia, as it usually announces investments at the end of the program.
"We are delighted to welcome Cohort IV," said Andre Sequerah (pic), Managing Partner at ScaleUp Malaysia. "Our selection process was highly competitive, and we are thrilled to have seven outstanding and diverse companies on board. They have been selected based on their potential to drive regional scalability and positive impact to society and the economy. We are also happy to add two female founded companies to our portfolio which brings us to a total of 14 with female founders."
The focus of the accelerator program is to equip the companies with the necessary skills and knowledge to take their businesses to the next level. The program will provide the companies with best practices in pitching, financial modelling, business strategy, and product development.
Tay Shan Li (pic), Managing Partner at ScaleUp Malaysia, added, "We are committed to providing our cohort companies with comprehensive support and resources to help them grow and succeed. Our team of experienced mentors and advisors will guide them through the program to refine their business models and strategies to attract further funding and drive regional growth. Over the past three cohorts we have designed best practices to work with our investee companies and have seen immense success in helping them regionalise and raise their next rounds."
The companies selected for Cohort IV are BeeBag, Docspe, Huddle, Petotum, Stayhere, and Kabel who will receive a US$100,000 (RM443,700) investment each, while the seventh company, Sonicboom, will receive an undisclosed strategic investment.
These companies will undergo a rigoroushttp://www.scaleup.my 12-week accelerator program aimed at refining their business models, developing regional scalability, and will culminate in a demo day with investors from all over the world.
ScaleUp Malaysia received over 200 applications for Cohort IV, with a success rate of less than 4%. The firm received applications from countries all over the region including Hong Kong, Philippines, Vietnam, Singapore and Indonesia. Startups expressing interest came as far as from the United Kingdom and United States. Selected companies comprise of ventures in IOT, HealthTech, SportsTech, Pet Care, Travel Tech, HR Tech and Fintech.
For more information about ScaleUp Malaysia, please visit www.scaleup.my. Applications are now open through the end of the year for Cohort 5.
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