ScaleUp Malaysia, Quest Ventures invest over $680k in 11 growth-stage startups

ScaleUp Malaysia and Quest Ventures on Tuesday announced that they will invest over 2.7 million Malaysian ringgit (US$680,185) in 11 growth-stage startups in the country, supporting the businesses’ regional expansion plans.

Photo credit: ScaleUp Malaysia

The young companies, coming from sectors such as education, waste management, logistics, advertising, and agriculture, are a part of ScaleUp Malaysia’s second cohort. They will run through a three-month intensive business coaching program and receive an investment of 250,000 Malaysian ringgit (US$61,844) each.

The accelerator’s selection criteria includes a startup’s capability to generate revenue, find product-market fit, and demonstrate its product, scalability, and value-based pricing potential. It also looks into the companies’ market expansion plans, growth potential, as well as the founders, according to ScaleUp Malaysia.

These are the 11 startups that have been chosen:

• ERTH is an e-waste management platform that collects and recycles electronic waste from households and businesses.
• Fefifo offers ready-to-farm modern farm spaces to make sustainable, profitable smallholder farming commonplace in Southeast Asia.
• Hatio provides digital solutions for supply chain and logistics. Its services span across warehouses, smart logistics, and robotics.
• Hauz created a data-driven enterprise solution that manages and monitors mobile workforce operations in the service industry in Malaysia and Southeast Asia.
• Homa2u is an online-to-offline building materials and interior finishes marketplace.
• Kiddocare is an online platform that connects parents with trained Malaysian babysitters and early childhood education providers.
• Load2Go offers an on-demand logistics platform where companies in the large freight, construction, and manufacturing industries can book big trucks.
• MMC is a company that provides online and offline solutions from hardware to software for the food and beverage industry.
• MyBump is a car wrap advertising company that connects brands with drivers for data-backed outdoor advertising.
• Pomen is a software-as-a-service automotive maintenance platform that connects fleet companies and vehicle owners with workshops and service providers to supply them with vehicle and financial insight.
• Quadby is a community app for students to find and chat with peers on campus.

This report was first published on KrAsia.