ScaleUp Malaysia has officially launched Cohort 2 of their famed ScaleUp Malaysia accelerator program, powered by Quest Ventures.
Through its Pegasus scaling model, ScaleUp Malaysia accelerates startups from their growth and post-product-market fit stage into the scaling up to become businesses with high revenue growth and profitability. ScaleUp Malaysia selected 20 companies for Cohort 2: Quadby, GenYouth, Hire.Seniors, ERTH, SMARTFUND, EzyOffice, Fefifo, Hatio, HAUZ, HOMA, Kiddocare, Load2Go, MMC, MyBump Media, POMEN, qijang, SUPERVISOR, tanalink, RECQA, and Virtual X.
Choosing Cohort 2
ScaleUp Malaysia opened applications for Cohort 2 on Sept. 8, attracting close to 200 entries in 20 days. The applications were put through a stringent and rigorous judging process, with the final 20 shortlisted based on five principal criteria:
- revenue generation capabilities
- category leading product-market fit demonstration
- value-based pricing potential of scalable products and/or services
- multiple-market expansion/growth potential
- self-starting, passionate and coachable entrepreneurs
While originating from Malaysia, the call for applications also attracted interest from startups in Belgium, Egypt, India, and Singapore.
ScaleUp Malaysia Managing Partner Andre Sequerah welcomed the Cohort 2 participants. The 20 companies were selected on their propensity to disrupt existing markets and offer solutions that are able to navigate challenges and take advantage of opportunities brought about by the current economic climate.
“We have expanded the syllabus for Cohort 2 to really empower all of you here throughout your transition from startup to scaleup. Looking beyond the direct benefits that you will attain from this accelerator, we are also placing greater emphasis on access to capital, global expansion strategies, and market access, which is why we have joined forces with Quest Ventures. In this new reality, we encourage all of you to be open and learn as much as possible from the program to catapult your business,” Sequerah said when he briefed the participants.
The 20 participating companies will undergo a three-month intensive deep business coaching through group-based training on product management, finance, strategic planning, valuation, market access, and more.
They will also be part of a month-long investor readiness bootcamp to prepare them for fund-raising before presenting their solutions to an Investment Committee at the end of the program.
“We are impressed by the mentality and dexterity of the startup founders we met in ScaleUp Malaysia Cohort 2. The entrepreneurs demonstrated their incisive read of their markets and business targets, and critically their international outlook to scaling is inspiring. We believe that many from Cohort 2 — besides the shortlisted — will be able to build scalable, multi-market going concern businesses. We are excited by their realizable potential,” said Quest Ventures Partner Jeffrey Seah in a press statement.
In early September, ScaleUp Malaysia announced their partnership with Quest Ventures, a Singapore-based venture capital firm, to invest and scale the regional growth of top Malaysian startups which will see a Foreign Direct Investment deal worth US$1,000,000 (RM4,150,000) to develop and grow Malaysian startups.
As part of the partnership, Quest Ventures will invest at least USD$60,250 (RM250,000) in up to 12 companies participating in the accelerator.
ScaleUp Malaysia has also opened registration for startups to state their interest to participate in Cohort 3. Visit their site for more information.