ScaleUp Malaysia today launched Cohort 3 of their programme targeting high growth scaleups. In launching Cohort 3 ScaleUp Malaysia announced that they have entered into partnerships with two venture capital firms, Singapore-based Quest Ventures and US based Indelible Ventures to be part of their effort to further scale chosen scaleups at the launch.
Collectively these firms bring access to partners, investors and other networks in Southeast Asia and the United States of America, accelerating targeted growth in new times.
Jeffrey Seah, Partner of Quest Ventures says the experience in working with the ScaleUp Malaysia team in their second cohort served to affirm their belief in the potential of Malaysian founders.
“In Cohort 3 we aim to go further by helping founders expand their mindsets and refine their approaches in scaling their businesses, and in exposing them to our networks in the region and around the world.”
In Cohort 3, Quest Ventures will look to co-invest in up to 7 companies whereas Indelible Ventures seeks to co-invest in up to 5 companies in this cohort. The investment partnerships will bring in a total investment of approximately US$ 1 million (RM4.23 million) to develop and grow Malaysian scaleups, targeting 20 companies to be shortlisted for the Cohort 3 applications.
For Cohort 3, ScaleUp Malaysia is looking towards working with more scaleups eyeing the regional and global stage.
“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,” says Xelia Tong, Managing Partner of ScaleUp Malaysia.
To qualify for the Cohort 3 programme, scaleups 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.
The 20 companies shortlisted from the Cohort 3 applications will begin their accelerator journey in October 2021 before pitching in front of the Investment Committee at the end of the programme.