Sunway iLabs-Carsome to launch Malaysia’s first auto ecosystem accelerator in Q3 2022
By Digital New Asia April 16, 2022
- Sunway invested US$47.2mil in startups & venture building in past few years
- Platform for startups in auto ecosystem to scale via mentorship, partnership
Sunway Innovation Labs (iLabs), the innovation arm of Sunway Group announced a joint partnership with Carsome, Southeast Asia’s largest integrated car e-commerce platform to launch an accelerator programme – Carsome Mobility Lab with US$150,000 (RM635,000) available for up to six selected startups. The US$25,000 (RM106,000) per startup is similar to the iLabs Super Accelerator programme.
Launching in the third quarter of 2022, Carsome Mobility Lab will be the first auto ecosystem focused accelerator in Malaysia looking to support global tech startups to deliver sustainable solutions in Carsome’s existing markets.
The programme will provide a platform for startups in the auto ecosystem to scale by providing mentorship, opportunities for funding and access to partnership opportunities through Sunway and Carsome’s network of entrepreneurs, venture capitalists, corporates and industry experts.
Selected startups will be offered the unique opportunity to connect with Sunway’s 13 business divisions and Sunway City Kuala Lumpur’s thriving ecosystem as well as the Group’s extensive funding funnel and ecosystem comprising Orbit Malaysia, SunSEA Capital, Gobi Partners and The HIVE SEA for further funding and investment opportunities.
This is in line with Sunway’s vision to position Sunway City Kuala Lumpur as a living laboratory bringing in experts to generate sustainable, real-world solutions for the future urban spaces towards the betterment of our environment and humankind.
Eric Cheng, co-founder and CEO of Carsome said, “We are truly excited over this partnership with Sunway iLabs, as this is the first-of-its-kind accelerator in the Southeast Asian region to identify, partner and scale innovative startups. It is an honour for us to be supporting and boosting the entrepreneur and automotive communities through this unique programme.”
Sunway Group Chief Innovation Officer and Director of Sunway iLabs, Matt van Leeuwen said, "We are really pleased to see how our partnership with Carsome has grown into a broad-spectrum innovation platform covering R&D (Carsome partnered iLabs to launch a data lab in collaboratrion with Sunway University) , tech talent development (Carsome is one of the anchor partners in 42KL), and now also a startup accelerator programme. We believe that this first-of-its-kind auto ecosystem accelerator in Malaysia will help elevate startups to the next level by tapping the networks, market, mentors and funding offered by Carsome and Sunway. This is really a unique opportunity not to be missed by entrepreneurs who are looking to build a successful tech business in the automotive industry."
Sunway Group CEO of Digital and Strategic Investment Evan Cheah said, "We are excited to work with Carsome that is contributing to Malaysia and Southeast Asia's growth in the tech scene. Sunway Group has invested over US$47.24 million (RM200 million) in startups and venture building over the last few years and we remain committed to equipping and enabling businesses in developing greater local innovations as part of our commitment to nation-building and advancing the 17 United Nations Sustainable Development Goals.”
“The auto ecosystem is ripe for further innovation and disruption. We look forward to teaming up with Sunway to work with startups across Southeast Asia to bring cutting edge innovation that will benefit the entire auto ecosystem and ultimately add value to the vehicle ownership journey of all consumers,” added Carsome Group Head of Merger & Acquisition and Ecosystem Strategy Digbijoy Shukla.
With operations across Malaysia, Indonesia, Thailand and Singapore, Carsome provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing, promising to bring trust, choice and transparency to customers. It currently has more than 3,000 employees across all its offices.
Startups interested in the Carsome Mobility Lab can fill in the expression of interest form at https://sunway.my/CarsomeMobilityLab. You will be contacted when they officially launch sometime in early May.
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