We ended the month of August with the celebration of Malaysia Day. As per a brand new custom that we began on Singapore’s National Day on August 9 and Indonesia’s Hari Kemerdekaan on August 17, we’re having a look at gamers within the Malaysian tech startup ecosystem who’ve made notable achievements in 2023.
This 12 months, the Malaysian startup ecosystem made headlines for numerous causes, from elevating important funding to launching funds to assist startups within the ecosystem to an acquisition.
In your studying comfort, right here is the record of the 15 most notable tales from the Malaysian startup ecosystem this 12 months:
Mole
All-in-one skilled networking platform Mole secured US$110,000 in pre-seed funding from Antler in August. With the brand new funding, Mole plans to enterprise into the US$1 billion conventional enterprise card market with its digital providing. A portion of the capital can even be used to develop a networking app and a sustainable digital enterprise card platform tailor-made for SMEs.
CompAsia
In August, built-in re-commerce startup CompAsia secured an undisclosed sum in a Collection A funding spherical led by Gobi Companions. This capital will assist the startup increase throughout numerous touchpoints, bolstering human sources, coaching, and operational capabilities.
GoodMorning International
GoodMorning International Group, a supplier of “inexpensive” plant-based balanced diet for Malaysia and international communities, secured a document RM20 million (US$4.4 million) from over 1,000 buyers in an fairness crowdfunding (ECF) marketing campaign. This announcement was made in July.
The corporate will use the funds to speed up biotechnology and meals know-how analysis whereas supporting its potential IPO itemizing over the subsequent two years.
Additionally Learn: How BlueDuck tackles the ‘hefty rental deposit’ problem in Malaysia using a zero-deposit scheme
Antler and Khazanah
Singapore-based international VC agency Antler announced in July a partnership with sovereign wealth fund Khazanah to determine a presence in Malaysia. The collaboration goals to bolster Khazanah’s Future Malaysia Programme, an initiative below its Dana Impak (Affect Fund) mandate.
Dana Impak helps native entrepreneurs, startups, VCs, and company enterprise programmes by means of collaborations with home and worldwide companions. It plans to take a position RM6 billion (US$1.3 billion) over 5 years in Malaysia.
iMotorbike
iMotorbike, an e-commerce platform for preowned bikes, has raised RM12 million (US$2.6 million) in a Collection A funding spherical led by Gobi Companions and Ondine Capital.
Penjana Kapital, The Hive Southeast Asia, 500 International, SOSV’s Orbit Startup, Goodwater Capital, Seedstar Capital, Permodalan Negeri Selangor Berhad (PNSB), and different undisclosed institutional VCs additionally joined.
Carsome
In June, built-in automotive e-commerce platform Carsome Group closed a brand new spherical of funding, bringing its whole elevate to roughly US$200 million. The spherical noticed participation from present buyers, together with 65 Fairness Companions, Seatown Non-public Capital Grasp Fund, Qatar Funding Authority, Gobi Companions, and Asia Companions.
EvolutionX Debt Capital, a growth-stage debt financing platform that gives an alternate supply of financing to know-how firms in Asia, additionally co-invested.
PolicyStreet
Insurtech firm PolicyStreet announced in June it has secured US$15.3 million in a Collection B spherical of funding led by sovereign wealth fund Khazanah below its Dana Impak mandate. Altara Ventures, Gobi Companions, and Spiral Ventures additionally co-invested.
PolicyStreet intends to make use of the funds to strengthen its know-how and underwriting capabilities. It goals to extend its on-demand underwriting insurance policies to make safety extra accessible and higher faucet into underserved and underinsured viewers segments in Malaysia and the area.
Additionally Learn: Ecosystem Roundup: Temasek portfolio value drops 3% to US$287B; Antler expands into Malaysia
HOMA2U
Market platform for renovation and inside design supplies HOMA2U announced in Might that it secured MYR3.87 million (US$875,000) in Pre-Collection A funding.
The funding spherical was led by Quest Ventures Asia Fund II and included each Worldwide Administration Answer and Qhazanah Sabah Berhad. That is Quest Ventures Asia Fund II’s second cheque for HOMA2U.
Troopers
BetterPlace, SaaS-based frontline workforce administration platform in India, announced in April the acquisition of Malaysia-based Troopers, a supplier of on-demand, pre-screened, part-time frontline staff to enterprises. The transaction particulars stay undisclosed.
The deal will permit BetterPlace to speed up its presence and set up a stronger foothold in Southeast Asia. It should combine Troopers’s automated gig matching and rostering options into BetterPlace’s SaaS platform.
Comfortable House
Comfortable House, a fintech-as-a-service firm in Malaysia, completed its Collection B extension spherical at US$31.5 million led by Southern Capital Group in April.
Returning investor transcosmos, strategic investor JCB, and Hibiscus Fund (collectively managed by RHL Ventures and South Korea’s KB Funding) additionally participated.
Qmed
On-line physician session startup Qmed Asia raised RM5.1 (US$1.2) million by means of an fairness crowdfunding (ECF) marketing campaign on Leet Capital.
As many as 110 buyers participated within the marketing campaign, together with angels, the Malaysia Co-Funding Fund (MyCIF), and 1337 Ventures.
Additionally Learn: Ecosystem Roundup: Temasek portfolio value drops 3% to US$287B; Antler expands into Malaysia
Care Concierge
Malaysia’s Gobi Dana Impak Ventures (GDIV), a fund launched by pan-Asian VC agency Gobi Companions, announced an funding in Care Concierge. The startup will use the funding to create revolutionary and digital options in senior dwelling care.
Care Concierge was based in 2017 by CEO Martin Yap and COO Justin Yap. The startup helps households navigate the complexities of discovering the correct senior care resolution for his or her family members throughout its numerous residence care, residence care, daycare, and store care providers.
Secai Marche
Secai Marche, a Japanese startup offering a B2B farm-to-table fulfilment platform in Malaysia, announced a JPY210 million (US$1.6 million) Collection A fundraising.
The buyers who participated within the spherical are The Agribusiness Funding & Session, Spiral Ventures Asia Fund I, and present backer Past Subsequent Ventures. This spherical takes the farm-tech firm’s whole funding raised to this point to US$4.5 million.
WhyQ
WhyQ, a digital innovation startup centered on serving to micro-SMEs digitise their companies, secured an extra RM4.6 million (US$1.1 million) in a Collection A2 extension spherical.
Kairos FoodTech Fund of Kairos Capital Group led this spherical. The preliminary Collection A2 spherical of RM11.8 million (US$2.7 million) closed in 2021 and included Supply Hero, Chope, Angel Central, and RB Investments.
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Biogenes
Biogenes, a Malaysian molecular diagnostics and genomics startup, secured US$5.7 million in a Collection A funding spherical from native VC agency Pembangunan Ekuiti. This capital will assist Biogenes increase its proprietary know-how platforms throughout Southeast Asia.
Biogenes designs and provides biosensor services for R&D and industrial use in healthcare, animal breeding, agriculture, aquaculture, and meals security & environmental testing.
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