The ASEAN is not only the world’s seventh-largest economy, but it’s also the fastest-growing internet market, and tech companies in the region are racing to scale.
Malaysia is home to several such companies, thanks to support from government agencies, venture capitalists, and accelerators.
A look at Tech in Asia‘s recent funding reveals growing support for players in niche markets, such as flower delivery and student housing. We looked at 10 companies that completed funding rounds in 2017 and 2018, mostly from seed to series B.
1. Carsome
Carsome co-founders Eric Cheng (L) and Teoh Jiun Ee
Total funding amount: $27.4 million
Lead investors: Burda Principal Investments
Latest funding type: Series B
Competitors: iCar Asia, Carro and Carmudi
Launched in 2015, Carsome is a selling platform that also functions like a broker for cars. Anyone who needs to sell a car can get in touch with the company, which will inspect the vehicle for free and assess its value. The platform assures customers that the pricing is totally transparent and free of hidden charges and markups. To prove this, it allows the seller to log in and view live bidding results.
As a bonus, Carsome handles all paperwork, which it promises to complete within five days.
In 2016, the company expanded operations to Indonesia, Thailand, and Singapore. Carsome faces the challenge of differentiation from its competitors, which have raised larger amount of funding.
2. Iflix
Photo credit: Iflix
Total funding amount: $298 million
3. BloomThis
4. PurelyB
5. Supahands
6. HostelHunting
7. Wobb
8. Kaodim
9. Jirnexu
10. iPrice
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