MDEC, NEXEA re-collaborate for Entrepreneurs Programme

by SHAFIQQUL ALIFF / pic by TMR FILE

MALAYSIA Digital Economy Corp (MDEC) is renewing its collaboration with NEXEA on the Entrepreneurs Programme for six months, marking it their second renewal of their collaboration with venture capital and start-up accelerator.

NEXEA in a statement stated despite the Covid-19 pandemic, 10 of the start-ups have successfully raised over RM33 million in the mere span of six to eight months.

“This is with the guidance of the Entrepreneurs Programme that prepared the start-up founders on raising funds in a pandemic,” NEXEA said.

MDEC has collaborated with NEXEA to support over 32 start-ups from the first two groups of the programme since its collaboration with NEXEA.

MDEC VP Tech Ecosystems and Globalisation Gopi Ganesalingam (picture) said MDEC is committed to enable and catalyse start-ups growth in Malaysia.

He said the NEXEA Entrepreneurs Programme certainly resonates with their mission, not only are they providing means of funding but also the best in-class mentorship, crucial to ensure success.

Founder and CEO of Lapasar, a business-to-business wholesale-technology company, Thinesh Kumar raised RM7.5 million with help of the Entrepreneurs Programme, despite trying times.

Thinesh mentioned that Lapasar had to pivot during the first lockdown and through that, he saw growth which meant he needed to raise capital.

“When I was on the search for potential investors, the Entrepreneurs Programme helped me see and explore other opportunities to raise capital which changed our strategy.

“We ended up raising the capital in May 2021 and Lapasar is on a growth trajectory like never before. Every challenge that has come my way, I have approached it in 10 different ways since the Entrepreneurs Programme”, he said.

As of the first quarter of 2021, the Entrepreneurs Programme has more than RM57 million in combined revenues and over RM304 million in combined valuations and RM57 million in combined funding for these entrepreneurs.

“Lapasar represents the perfect example of our collaboration with NEXEA in terms of intervention and rendering support to the ecosystem, as we strive to position Malaysia as a global champion in disruptive innovations and technologies.

“We look forward to further collaborations for the benefit of the many, in line with our vision of Malaysia 5.0, enabling a nation deeply integrated with technology, providing equitable digital opportunities to the people and businesses,” said Gopi.