ScaleUp Malaysia, an accelerator programme that focuses exclusively on growth-stage companies in the country, announced that it is opening up applications for its Cohort 3.
The programme is run in collaboration with Singapore-based Quest Ventures and US-based Indelible Ventures.
In this new cohort, Quest Ventures will look to co-invest in up to seven companies whereas Indelible Ventures seeks to co-invest in up to five companies. The investment partnerships will bring in a total investment of approximately US$1 million (MYR4.23 million) to develop and grow Malaysian companies.
ScaleUp Malaysia is targeting 20 companies to be shortlisted. It is aiming to invest at least US$59,000 (MYR250,000) in the companies.
According to a press statement, to qualify for the Cohort 3 programme, companies must be operating on business models that have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by any economic climate.
Participants will be shortlisted based on five key criteria:
1. Highly scalable products or services with large growth potential looking to scale in Malaysia, ASEAN and at the global stage
2. The ability to demonstrate product-market fit
3. Companies must be looking toward fundraising in the near future
4. They must also be generating revenue
5. Led by passionate and driven founders
The 20 shortlisted companies will begin their accelerator journey in October before pitching in front of the Investment Committee at the end of the programme.
For Quest Ventures, this is the second time they are working with ScaleUp Malaysia, having successfully worked hands-on with 20 companies and co-investing into 10 in the Cohort 2 programme.
Indelible Ventures, a US-based fund with a mandate to invest in Malaysian startups, targets tech-enabled scaleups with B2B products that have the potential to scale at an international level.
“Leveraging on the partners’ extensive global experiences in helping scaleups scale beyond our shores is key for our Cohort 3. A fast-paced, rapid-response ethos has long been at the core of many scaleups, now more than ever especially against the backdrop of the Covid-19 pandemic. With the partnership, we look towards sustainable growth for long term success,” said Xelia Tong, Managing Partner of ScaleUp Malaysia.
For more information on ScaleUp Malaysia and to put in your applications for Cohort 3, visit this link.
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Image Credit: ScaleUp Malaysia
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