FutureLab an early startup in the education tech space has managed to secure a Pre-Series A funding round of RM 2 million led by Sarawak Digital Economy Corporation (SDEC) and participated by US-based investment group, Indelible Ventures, and EduSpaze, Singapore’s first EdTech accelerator.
Ranked as one of Southeast Asia’s most innovative EdTech companies by HolonIQ in 2020, FutureLab connects students, graduates, job seekers, and aspiring entrepreneurs to over 3,000 industry mentors across Malaysia, Singapore, and Indonesia through their online platform. It offers a mentoring ecosystem that allows mentor-mentee to conduct sessions with the launch of its software-as-a-service (SaaS) business model, FutureLab helps learning institutions and corporations design manage, and track internal mentoring programs.
The recent injection will be directed towards scaling it operations in Malaysia as the company onboards more learning institutions and corporations into its mentoring ecosystem. The funds will also be used to welcome and train an additional 8,000 IR4.0 mentors who will be integrated into schools, universities, and startup accelerators utilizing the FutureLab platform. It is also looking to expand its product development efforts, providing users with a more seamless experience, including the launch of a new mobile application that includes multiple languages such as English, Bahasa Malaysia, and Bahasa Indonesia.
“FutureLab was founded to help fresh graduates address the disconnect they often experience when transitioning from their studies to joining the workforce. Since then we have grown to offer mentorship opportunities for young working professionals and aspiring entrepreneurs.,” Founder of FutureLab, Brian Tan.
Speaking about the collaboration with the Sarawak Government, Hazwan Razak the Head of Innovation and Entrepreneurship said, “One of SDEC’s responsibilities is to act as a catalyst for the Sarawak Digital and Innovation Ecosystem. Together with FutureLab, we will be embarking on a journey to inspire and support our youths, innovators, startups, and entrepreneurs to fully realise their growth potential, leveraging on FutureLab’s global wealth of expertise.”
Next the startup will be looking to begin its Series A round in the coming year to expand its mentor marketplace and mentoring ecosystem into Southeast Asia. Among companies using its platform are MDEC, Malaysian Global Innovation and Creativity Centre (MaGIC), ACCENTURE, Selangor Information Technology & Digital Economy Corporation (SIDEC), Tabung Emas Gagasan Anak Sarawak (TEGAS), British Council, Sunway University & Taylor’s University
