ScaleUp Malaysia invests in top 10 companies for regional growth

ScaleUp Malaysia, which launched cohort 1 with 20 companies in December 2019, has announced that it has selected its Top 10 companies for their inaugural cohort.

The growth stage accelerator deploys RM2,000,000 amidst COVID-19 pandemic to these companies to grow and scale their business further with a focus on regional and global expansion. Each of these 10 companies will receive an investment of RM200,000.

Aaron Sarma, General Partner of ScaleUp Malaysia

“We’ve been working with these companies for the last four months and we are really proud of the progress every single company has made during this period, Aaron Sarma, General Partner of ScaleUp Malaysia says.

The final decision was not easy but ultimately our investment committee selected companies with teams and products that were best positioned to scale into large markets.”

Notably, ScaleUp Malaysia highlights that it decided to conduct its final Investment Committee Pitch Session and selection during the Movement Control Order period.

The ten selected Companies in ScaleUp Malaysia Cohort 1 are:

  • ATX, a pioneering digital payments service provider with 8 years of track record that provides a solution to help micro SMEs participate in the digital economy.
  • AutoCraver, a cloud-based end to end management software called “Turbo” for car dealers to automate processes and facilitate car sales.
  • Batik Boutique, a premier Malaysian gift brand with an artisanal story that creates social impact by empowering the B40 segment through education, training and job creation.
  • GOLOG, an on demand cold chain logistics platform that uses data and machine learning to digitise the traditional supply chain.
  • Iimmpact, an out-of -the-box technology solution that enables digital payments to over 100 billers inclusive of mobile top-ups, utility bills, entertainment portals, local councils and many more.
  • Kwikcar, a peer-to-peer car sharing platform that aims to change the future of mobility and car ownership.
  • AOne, an educational platform for learning centres to manage their classes, teachers and students through scheduling, fee collection and process automation.
  • BiiB, a community platform that creates gamified virtual events for runners and transforms running into a team sport.
  • Agiliux, a cloud based core insurance platform with extensive policy and claims management capabilities.
  • Tripcarte, a travel technology company that provides a distribution platform for travel activity and attraction tickets.

“It was a really hard decision to make given the circumstances,” Sarma says,  but our team firmly believed that moving forward was the right thing to do so that we could give these fantastic founders a boost during this very difficult economic period, adding that in the end, they were pleasantly surprised with the quality of the presentations even though the entire pitch session was done virtually.

“Our involvement with these companies doesn’t end here. The team will continue working with these companies to build sizable high growth profitable “Pegasus” businesses and attract follow-on investments from investors.”

ScaleUp Malaysia is an accelerator, set up and run by a team of experienced entrepreneurs, professionals and seasoned investors to focus exclusively on growth stage companies in Malaysia – helping them position their business for exponential growth.

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