ScaleUp Malaysia teams up with two VC firms for launch of third cohort

ScaleUp Malaysia, an accelerator focused on growth-stage firms, announced the launch of its third cohort today.

Applications for the cohort are now open, with venture capital firms Quest Ventures from Singapore and Indelible Ventures from the US joining to support shortlisted Malaysian scale-up companies.

Photo credit: ScaleUp Malaysia

Quest Ventures, which also supported the accelerator’s second cohort, will co-invest in up to seven companies, while Indelible Ventures will co-invest in up to five firms. The investment partnerships will bring around US$1 million in total investments for the third cohort’s expected 20 applicants. Each participant will receive at least 250,000 Malaysian ringgit (US$59,000) when the program starts in October.

“Leveraging on the partners’ extensive global experiences in helping scale-ups scale beyond our shores is key for our Cohort 3,” said Xelia Tong, managing partner of ScaleUp Malaysia.

Participants in the program will need to have:

Highly scalable products or services with a large growth potential that can scale in Malaysia, ASEAN, and at the global stage
An ability to demonstrate product-market fit
A desire to raise funds in the near future
Generated revenue
Founders who are passionate and driven

ScaleUp Malaysia earlier entered a public-private partnership with the Malaysian Global Creativity and Innovation Centre, which lets cohort participants access government programs.

Applications are being accepted until September 2.