MAP holds a demo day for its Cohort 2 on August 3-4, 2016.
The Malaysian government-funded MaGIC Accelerator Program (MAP) held one of Southeast Asia’s largest demo days on August 4. Here, its second cohort of 42 startups focusing on the region pitched their business ideas to a room full of guests, mainly investors and corporate executives.
The startups under the MAP ASEAN Track were plucked out of a pool of over 700 applications from around the world, according to Johnathan Lee, executive director of Entrepreneurship Development at the Malaysian Global Innovation & Creativity Centre (MaGIC).
“The second batch is more diverse. There were participants from greater Asia, from Europe, and Australasia as well,” Johnathan tells Tech in Asia on the sidelines of the event. “We never go as far as countries like Sweden, Denmark, the UK, or Russia to talk about MAP, but startups there have applied to our program.”
Apart from the ASEAN Track, MAP also has a Social Enterprise Track where a second batch of 23 startups held their demo day on August 3.
The teams underwent rigorous mentoring and training to build and grow their products over the last four months at the MaGIC Campus in Malaysia’s tech hub Cyberjaya.
Without divulging details, Johnathan says a few of the startups from ASEAN cohort 2 have raised funding even before the demo day. Meanwhile, 38 percent of the startups from cohort 1 have raised close to US$6 million in capital to date.
We’ve chosen our favorites in this second batch of MAP ASEAN startups. Here they are, in no particular order:
Eat Cake Today
Got a last-minute party to throw, forgot a loved one’s birthday, or just having that unstoppable sugar craving? Eat Cake Today wants to help.
The name needs little explanation because the Malaysia-based startup does just that: deliver a cake to you on the same day you ordered it – within four hours or less.
How does the business model work? Bakers supply cakes to the company at wholesale price as they would to cafes. Eat Cake Today then sells the cakes at retail price and charges a delivery fee.
Within less than a year of operating, the company has seen 26 percent of its customer base return for purchases ranging from a minimum of two times and up to 21 times. It’s also recorded a monthly growth in revenue over the last nine months to US$76,830.
Kakitangan
BuildEasy
Happy Bunch
Pubu
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