KUALA LUMPUR, Malaysia, Sept. 8, 2020 /PRNewswire/ -- ScaleUp Malaysia today announced that they have entered into an exclusive partnership with Quest Ventures, a Singapore-based venture capital firm to invest and scale the regional growth of top Malaysian startups. The partnership with Quest Ventures will bring in a Foreign Direct Investment deal worth US$1,000,000 (RM4,150,000) to develop and grow Malaysian startups.
To qualify for the Cohort 2 program which was also launched today, scaleups must be operating on business models that have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by the current economic climate.
24 companies shortlisted from the Cohort 2 applications will begin their accelerator journey in October 2020 before presenting their solutions in front of the Investment Committee at the end of the program. As part of the partnership, ScaleUp Malaysia Cohort 2 powered by Quest Ventures will invest at least USD$60,250 (RM250,000) in up to 12 of these companies.
According to James Tan, Managing Partner of Quest Ventures, "Beyond the traditional investment role of VCs, we see it as our tech ecosystem duty to drive a speedier adoption of the Digital Economy. Our partnership with ScaleUp Malaysia will enable us to support the top tech talent teeming in Malaysia and provide necessary and timely support to power their disruptive businesses to break into the post-pandemic emerging Asia markets."
ScaleUp Malaysia launched its first cohort in December 2019 with 20 companies. 10 of them received an investment of USD$48,283 (RM200,000). The accelerator, through their Pegasus model, grooms startups in the growth and post product-market fit stage into scaleup businesses with high revenue growth and increased profitability rates that attract follow-on investments.
"In this second cohort, we want to empower solutions that tap into the buy-in of the digital economy and prime them through our rigorous syllabus designed to take local companies to the global stage. Our partnership with Quest Ventures will enable our scaleups to quantum leap their growth, access adjacent markets and unlock a wealth of economic possibilities through value creation, needed now more than ever with our collapsing global economy brought about by Covid-19," said Dr V. Sivapalan, Senior Partner of ScaleUp Malaysia.
Earlier this year, Quest Ventures announced the first close of its venture capital fund named Asia Fund II after clinching support from Singapore's Pavilion Capital which is a subsidiary of Singapore state investment firm Temasek Holdings Pte Ltd and QazTech Ventures which is a subsidiary of Kazakhstan state investment institution, Baiterek National Managing Holding JSC. The fund will be used to further expand and strengthen its presence within Southeast and Emerging Asia.
Applications for cohort 2 will officially open beginning 8 September 2020. Participants must be registered as a Malaysian company and will be shortlisted based on four key criteria: 1) revenue generation; 2) ability to demonstrate product-market fit; 3) potential of highly scalable products or service with large growth potential; and 4) possibility of global expansion.
For more information on ScaleUp Malaysia and to register your interest for cohort 2, visit: https://www.scaleup.my/
About ScaleUp Malaysia
ScaleUp Malaysia is an accelerator which focuses exclusively on growth stage companies in Malaysia - helping them position their business for exponential growth. ScaleUp Malaysia is set up and run by a team of experienced entrepreneurs, professionals and seasoned investors. Participants in ScaleUp Malaysia go through an intensive training program that covers subjects like finance, human resources, marketing & sales, technology, product and strategy. On 19th December 2019, ScaleUp Malaysia announced the 20 companies who had been accepted into Cohort 1. 10 companies from each cohort will receive an investment and the ScaleUp team will actively support these businesses through strategic advisory, investor matching and partner introductions after the program for up to 24 months.
On the internet:
Official Website: www.scaleup.my
About Quest Ventures
Quest Ventures is a leading venture fund for companies that have scalability and replicability in large internet communities. Its portfolio of 50+ venture-backed companies operate in more than 150 cities across Asia, creating employment and advancement opportunities for more than 4,400 employees, while its Enterprise and ESG efforts directly impact thousands more.
For more information: www.questventures.com
SOURCE ScaleUp Malaysia