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Published 19 February, 2020
ScaleUp Malaysia, which launched on 1 Oct 2019 has announced the selection of 20 companies to be part of Round 1 of their inaugural cohort. These companies have gone through a rigorous qualification process and have been selected based on very stringent evaluation standards.
Andre Sequerah, Managing Partner of ScaleUp Malaysia says, “It was a tough choice for the ScaleUp team to make but at the end, it was a combination of innovative business models, sizeable markets and strong founders that drove our final decision.”
Sequerah highlights the diversity of the cohort, which also features several non-digital native companies, “We are also really excited to work with companies who come from very varied backgrounds – from consumer technologies to software to retail and wellness.”
The diversity of companies it has selected, instead of focusing on a few verticals as most accelerators do is also due to ScaleUp Malaysia’s focus as a growth stage accelerator.
“Our companies don’t have early stage development challenges. So we have the opportunity to focus on more strategic content – around corporate strategy, finance, HR, metrics, scalable tech etc,” says Aaron Sarma, General Partner. ScaleUp Malaysia believes that this is the missing link between companies who launch and stagnate and those who reach the inflection point. “No one is helping them with the fundamentals. This is where we are adding value,” explains Aaron.
Not focusing on certain verticals also does not mean that ScaleUp Malaysia cannot offer as good guidance and help as opposed to a focused approach on a few verticals. As it all boils down to matching the company with the expertise is needs, Aaron points out that ScaleUp Malaysia is able to bring in a domain expert to complement the coaches. “Our partner team also has diverse experience in various fields. This way we can drill down on the micro level too,” he says.
One of the prerequisites of participation in ScaleUp was that the companies need to have proven revenue models. These companies, while at different stages of maturity have generated a collective GMV of over US$96.5 million (RM400 million) in the last two years and ScaleUp aims to take them further as they progress in their program.
Tay Shan Li, Managing Partner of ScaleUp Malaysia looks forward to the journey ahead. “Over the next few months, we will be working with the 20 companies on their business models and growth plans. We will focus on key aspects of building a scalable business – from technology, HR and marketing to product development and finance.”
Before making its selection, the cohort will have a combination of focused classroom style sessions with industry professionals that cover core competencies of running a successful scaleup and work with dedicated coaches who will help each company with their specific challenges.
“It is our intention that even if the companies do not make it through to the investment round, that they would have benefited from our programme and be able to build their businesses and strategise as founders of scaleups,” Tay adds.
These companies are:
- Huddle , a platform for everyday athletes to book sporting experiences from across ASEAN
- ATX , A pioneering digital payments service provider with 8 years of track record
- Auto Craver , a cloud-based management software for car dealers to automate processes
- Batik Boutique , a premier Malaysian gift brand with an artisanal story of creating social impact.
- Camp5 , Asia’s premier rock climbing gym
- Everpeaks , a duty free global distribution hub
- Futurelab , a mentorship platform to help develop tomorrow’s executives
- Carpit , tyre servicing platform for today’s mobile user
- GOLOG , an on demand cold chain logistics platform
- Iimmpact , a mobile platform that’s revolutionising mobile top ups and bill payments
- Kwikcar , a peer to peer car sharing platform
- MyAone , a platform for learning centres to acquire students, systemise end-to-end operations, and automate payment collections
- getBiiB , a community platform for runners that serves a global audience
- Truck Trader , a logistics management platform for the commercial vehicle industry
- SecondCRM , a CRM solutions provider for small and medium businesses
- Tripcarte , a distribution platform for travel activity and attraction tickets
- Wowintro , an online video Interviewing software that enables employers to screen talents inbminutes
- Yellow Porter , a cross border eCommerce enabler
- Sentuh , a wellness on demand platform that connects users to certified mobile wellness therapists
- Whimsigirl , a direct to consumer fashion brand for everyday girls
At the end of Round 1 in Q1 2020, ScaleUp Malaysia would have selected 10 companies to receive an investment of US$48,300 (RM200,000) each and will then work with those 10 companies to fine-tune their pitch to meet strategic investors and partners.
Still, this is one part of the program. ScaleUp Malaysia will actively support these businesses through strategic advisory, investor matching and partner introductions after the program for up to a period of 24 months to ensure maximum impact is received.