by Theleaders | April 22, 2024 10:26 am
KUALA LUMPUR, April 22 – MYStartup, in partnership with NEXEA, a venture capital and startup accelerator firm, continues to empower early-stage startups in Malaysia by kicking off its third accelerator programme. A total of 25 promising tech startups were shortlisted and recently onboarded from 60 applications spanning diverse industries, comprising four primary sectors: artificial intelligence, machine learning, healthcare, and software development. These startups will undergo a four-month enrichment programme designed to catapult their businesses into accelerated growth trajectories and foster an environment conducive to innovation, pushing beyond boundaries and catalysing significant shifts in Malaysia’s startup ecosystem.
Demonstrating tangible success, the preceding cohort witnessed substantial investment injections with some startups securing up to RM700,000 worth of investments within the past six months. These startups, which include Parkit, Engagelife, iJalan and EB Tech, also achieved an aggregated total valuation of 290%, growing from RM11 million to RM32 million over the same period.
Norman Matthieu Vanhaecke, Group CEO of Cradle, said: “Startups are one of the fundamental building blocks in Malaysia’s economic development. Based on the Global Startup Ecosystem Report (GSER) report in 2023, Malaysia’s startup ecosystem was estimated to be worth USD 4.6 billion. At Cradle, we recognise the crucial need to foster high performing, an inclusive, globalised, and sustainable startup ecosystem in the country to empower these ventures for regional and global expansion.”
“As the focal point agency championing the creation and growth of future leading Malaysia tech companies, our dedication lies in building a startup ecosystem that will spur the economy through tailored capacity-building programmes like the MYStartup Accelerator. The goals go beyond monetary; they also come with intensive mentorships and comprehensive resources. Through these programmes, we hope to equip our local startups with the requisite exposure and support to scale their operations, thus elevating Malaysian startups to become future multinational tech champions,” continued Norman.
The MYStartup Accelerator programme is designed for scalable and technology-driven startups, either in the revenue-generating stage or with a minimum viable product (MVP). To date, the MYStartup Accelerator has successfully empowered 58 startups, across two cohorts.
“The last two cohorts of MYStartup Accelerator, guided by our investor-mentors and Cradle’s support, have on average doubled their growth year-on-year. Out of the 940+ applications that received this year, 25 were selected to join the third cohort. Each team, with their own dreams and disruptive ideas, are competing to become top finalists and secure initial funding worth RM250,000 with grants up to RM1 million. Together with Cradle, we look forward to creating a bigger impact, accelerating their growth and, eventually, cultivating an inclusive and sustainable startup ecosystem in the country,” said Ben Lim, Founder and CEO of NEXEA.
“Otter Barista aims to bring quality coffee closer to you, making your experience more seamless and convenient. With our advanced robotics, consumers can conveniently interact with the machine to place orders, and the machine handles the end-to-end process of freshly brewing beverages, all at a lower cost. We are excited to participate in this accelerator programme, especially the one-on-one sessions with our investor and founder mentors. Through the mentoring and designated workshops, we aim to better strengthen our company’s values and business model, accelerating our growth across Malaysia,” shared Eeyong Ho, Founder of Otter Barista, one of the shortlisted companies in MYStartup’s Accelerator Programme.
The 25 selected startups for MYStartup Accelerator Programme Cohort 3 include:
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