by NURUL SUHAIDI / pic courtesy of Cradle
SIX start-ups under the MyStartup Accelerator Programme have received a total of RM1.57 million investments from 17 investors to expand and scale their market reach.
Among the six start-ups are MindAppz, an education technology marketplace for advanced e-tuition and education; Krenovator, a tech talent training and placement platform; and iPick, an intercity parcel delivery service.
The others are Cult Creative, a network platform that matches creatives and potential employers through data; Products2U, a marketplace for the underserved offline community; and ThreadX, an original equipment manufacturer fashion platform.
The Accelerator Programme is an intensive enrichment programme that supports early-stage start-ups through mentorship by the respective industry experts covering business expansion and market access for six months until December 2022.
Apart from that, the programme also provides participating start-ups with access to other partner benefits and resources worth up to RM2 million.
Cradle Fund Sdn Bhd group CEO Norman Matthieu Vanhaeck said the investment is a sign of confidence and trust from potential investors towards the local start-up ecosystem.
“Cradle acts as an institution for early-stage start-ups and is aware of the difficulty of fundraising for start-ups.
“The handover signing ceremony shows Cradle’s utmost support and commitment to bridge local start-ups to potential investors,” he said in a statement yesterday.
Meanwhile, Cradle ecosystem development senior VP Ahmad Kashfi Alwi noted that they have received over 500 applications, out of which 33 start-ups were selected to undergo a rigorous mentoring process with seasoned industry experts.
“We will continue to run these programmes to attract more investors and corporate participation to the local start-up ecosystem,” he said.
The programme’s second cohort will commence in November 2022, targeting a more comprehensive range of technology verticals.