by AKMAR ANNUAR / source: ScaleUp’s Facebook
MALAYSIA’S high growth accelerator, ScaleUp Malaysia invests over US$600,000 (RM2.65 million) to bolster innovation in the digital economy, announcing its Cohort IV and investments for seven innovative companies.
In a statement, ScaleUp Malaysia states that this cohort marks a significant milestone for it, with upfront investments for its accelerator programme as opposed to at the end of the programme as with previous cohorts.
Managing partner Andre Sequerah (picture) said the company is delighted to welcome Cohort IV to its accelerator programme, saying the selection process was highly competitive, and ScaleUp Malaysia is thrilled to have seven outstanding and diverse companies on board.
“These companies have been selected based on their potential to drive regional scalability and their positive impact to society and the economy,” he said.
Sequerah was also happy to share that there are two female-founded companies added to the portfolio, bringing it to a total of 14 companies with female founders.
He added that the programme will provide the companies with best practices in pitching, financial modelling, business strategy and product development as the focus of the programme is to equip the companies with the necessary skills and knowledge to take their businesses to the next level.
Meanwhile, ScaleUp Malaysia managing partner Tay Shan Li noted its team of experienced mentors and advisors will guide them through the programme to refine their business models and strategies to attract further funding and drive regional growth.
“Over the past three cohorts we have designed the best practices to work with our investee companies and have seen immense success in helping them regionalise and raise to their next rounds,” she added.
The companies selected for Cohort IV are BeeBag, Docspe, Huddle, Petotum, Stayhere and Kabel, who will receive a US$100,000 investment each, while the seventh company, Sonicboom, will receive an undisclosed strategic investment.
Co-founded by CEO Joshua Lim Yi Fan, Beebag is a smart retail start-up working on gamifying sustainable shopping, creating a mobile app and developing the technology to transform ordinary reusables into smart reusables that reward shoppers for their sustainable actions.
Meanwhile, Docspe is an integrated ecosystem, bridging gaps between healthcare providers and was founded by Ahmed Sochin.
Huddle CEO Andri Reza and his team uses artificial intelligence (AI) technology to stream thousands of live amateur and youth sporting events across the country straight to the palm of your hand.
Petotum led by Afifah Basir meanwhile interestingly is the first pet ecosystem integrator in South-East Asia, providing an integrated system for pet owners, lovers, businesses and the community to revolutionise the pet care ecosystem.
StayHere is a one-stop vacation rental solution for proprietors with a vision to disrupt the accommodation industry in Asia, meanwhile, Kabel is an AI-powered job matching platform that connects employers with university students for internships and job opportunities.
Lastly, Sonicboom, one of the top Malaysian financial technology (fintech) firms, transforms payment solutions for unattended businesses using software as a service (SaaS) and cloud-based tech, and has processed RM120 million cashless transactions yearly.
These companies will undergo a rigorous 12-week accelerator programme aimed at refining their business models, developing regional scalability and will culminate in a demo day with investors from all over the world.
For Cohort IV, ScaleUp Malaysia received over 200 applications from countries all over the region including Hong Kong, the Philippines, Vietnam, Singapore and Indonesia, with a success rate of less than 4%.
Furthermore, countries expressing interests came as far as from the UK and US, with selected companies comprising ventures in Internet of Things (IoT), health tech, sportstech, Pet Care, travel tech, human resource (HR) tech and fintech.