ScaleUp Malaysia, an accelerator that focuses exclusively on growth-stage companies in Malaysia, has recently launched Cohort 3 in partnerships with two venture capital firms.
In an announcement, ScaleUp Malaysia said it has partnered with Singapore-based Quest Ventures and US-based Indelible Ventures. Collectively, these firms bring access to partners, investors, and other networks in Southeast Asia and the US.
In Cohort 3, Quest Ventures will look to co-invest in up to seven companies, while Indelible Ventures seeks to co-invest in five companies.
The partnerships will bring in a total investment of approximately $1 million to develop and grow Malaysian startups, targeting 20 companies to be shortlisted for the programme, as per the announcement.
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.
“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,” said Xelia Tong, managing partner of ScaleUp Malaysia.
As part of the partnership, ScaleUp Malaysia Cohort 3 powered by both Quest Ventures and Indelible Ventures will invest at least $59,000 in the companies selected by the Investment Committee.
Quest Ventures, a regional venture capital firm based out of Singapore enters its second year of partnership with ScaleUp Malaysia, having successfully worked hands-on with 20 scaleups and co-investing into 10 in the Cohort 2 programme.
Indelible Ventures, a US-based fund with a mandate to invest in Malaysian startups, targets tech-enabled scaleups with B2B products that have the potential to scale at an international level, making it a strategic partner moving forward.
For Cohort 3, ScaleUp Malaysia is looking towards working with more scaleups eyeing the regional and global stage.