14 Malaysian startups poised for breakout in 2016

The year 2015 was a mixed bag for Malaysia’s startup ecosystem. Often outshone by neighbors Singapore and Indonesia, Malaysia – a country of 30 million people – figured prominently on investors’ radar, thanks to the initiatives of government agency Malaysian Global Innovation and Creativity Center (MaGIC). Also, last year saw one of the largest acquisitions of a Southeast Asian internet company after the REA Group bought Malaysia’s iProperty.

Yet the country also attracted global attention for the wrong reasons. A corruption scandal involving the sovereign wealth fund broke, and the Malaysian ringgit tumbled to multi-year lows, rocking consumer confidence.

We also witnessed the departure of MaGIC’s top honchos, which worried some there could be a change in the agency’s focus on producing high-growth, regional startups.

Despite the upheavals, Malaysian startups have shown their resilience, and some have even proven themselves to be a cut above the rest. Tech in Asia has taken note of 14 Malaysian startups that we expect to take off or further grow in 2016. Here they are, in no particular order:

KFit

“Uber for gyms” KFit recently closed a US$12 million series A funding round to branch out into new areas, starting with massage, spa, and beauty services.

Founder and CEO Joel Neoh, who formerly headed Groupon Asia-Pacific, said the move was logical for the business, which takes its cue from ClassPass in the US. KFit helps people find gym and fitness classes and get unlimited access to them for a fixed fee.

The new categories would help the company’s bid to become a holistic wellness platform, Joel said.

KFit is available in 10 cities across Asia-Pacific, including Singapore, Taipei, Seoul, Manila, Auckland, and Perth.

iFlix

Everyone’s closely watching what video streaming service iFlix’s next moves will be now that its US counterpart Netflix has expanded into dozens of countries globally, with many Asian markets among them except China. But iFlix seems confident about its position in its current markets Malaysia, Philippines, and Thailand. Its main advantage is its inventory of local content, not to mention it has some pretty impressive backers.

iMoney

123RF

Kaodim

PurelyB

Bookdoc

Supahands

Spot News

Bfab

TheLorry

iPrice

TableApp

Katsana