Quest Ventures, ScaleUp Malaysia invest in 11 firms
Women founders took center stage as ScaleUp Malaysia and Quest Ventures announced the selection of the Top 11 companies in their second cohort. Sixty-five percent of the scaleups selected consisted of women founders. Quest Ventures and ScaleUp Malaysia disbursed a total amount of RM2,750,000 (US$680,185) in investments for Cohort 2. These companies will receive an investment of RM250,000 (US$61,844) each to grow their business regionally in their #Quest2Scale.
“We had some amazing companies joining us as part of this cohort and we are proud of how far each of them has progressed in the program. This was a very difficult decision but ultimately, the investment committee selected the companies that they believed had the potential to grow their business regionally with the support of our partner, Quest Ventures,” said ScaleUp Malaysia Managing Partner Tay Shan Li in a press statement.
The companies that were chosen include:
- ERTH (e-Waste Recycling Through Heroes), an award-winning social enterprise that specializes in collecting and recycling electronic waste from household and businesses
- Fefifo, which is pioneering digitalized, standardized farming in ready-to-farm modern farm spaces called co-farms, to make sustainable, profitable smallholder farming commonplace in Southeast Asia
- Hatio, a technology provider specializing in supply chain and logistics. Their experience spans across warehouse automation, smart logistics, robotics, artificial intelligence, and the internet of things.
- Hauz, a data-driven enterprise solution that manages and monitors mobile workforce operations in the service industry, be in Malaysia or regionally
- Homa2u is an online to offline building materials and interior finishes marketplace where you can find a wide range of high quality, branded and bargain materials for your house project
- Kiddocare, an online platform that connects parents with trained Malaysian babysitters and early childhood education providers for personalized, on-demand services
- Load2Go, which offers an on-demand logistics platform for booking big trucks for large freight, construction and manufacturing industries.
- MMC, a food-based company which operates several different businesses, including a central kitchen, food mart, cafe, and vending machines. Their businesses are tracked and run on a proprietary technology solution.
- MyBump Media, a car wrap advertising company that matches brands with drivers (brand ambassadors) for data-backed creative execution outdoor advertising
- Pomen, a software-as-a-service automotive maintenance platform that specializes in fleet companies and vehicle owners to connect with workshops and service providers to benefit them with valuable vehicle and financial insight
- Quadby, the Nextdoor for universities. They are a community app for students to find and chat with peers on campus.
Cohort 2 key partner
ScaleUp Malaysia’s Cohort 2 key partner, Quest Ventures, is a regional venture capital firm based out of Singapore that counts Temasek as one of their key investors. With more than 50 investments under their belt, Quest Ventures’ investments boast regional powerhouses like Carousell, 99.co, and CARRO.
The firm brings financial backing and regional expertise to each investee company to power their disruptive businesses as they break into emerging Asian markets in the post-pandemic era.
“Our work across Asia Pacific, and now Central Asia, have shown us that resilient founders with innovative business models and go-to-market nous have what it takes to be successful during these challenging times. We are inspired by the desire and commitment of the founders we have worked with in ScaleUp Malaysia’s Cohort 2 and we are excited to continue this journey with these 11 companies in the years to come,” said Quest Ventures Managing Partner Jeffrey Seah.
Each company in the cohort will participate in customized demo days in front of venture capital, corporate innovation units, and investment firms from around the world. Interested parties who wish to be included in this demo day are encouraged to register.