ScaleUp Malaysia which launched its second cohort of 20 companies in October 2020 in partnership with Quest Ventures has announced its selection of Top 11 companies, disbursing a total amount of RM2,750,000 (USD680,185) in investments for their second Cohort. These companies will receive an investment of RM250,000 (USD61,844) each to grow their business regionally.
Tay Shan Li, Managing Partner of ScaleUp Malaysia said, “We had some amazing companies joining us as part of this cohort and we are proud of how far each of them has progressed in the programme. This was a very difficult decision but ultimately, the investment committee selected the companies that they believed had the potential to grow their business regionally with the support of our partner, Quest Ventures.”
ScaleUp Malaysia’s Cohort 2 key partner, Quest Ventures is a regional venture capital firm based out of Singapore that counts Temasek as one of their key investors. With more than 50 investments under their belt, Quest Ventures’ investments boast regional powerhouses like Carousell, 99.co and Carro. The firm brings financial backing and regional expertise to each investee company to power their disruptive businesses as they break into emerging Asian markets in the post-pandemic era.
The Quest team has been hands-on throughout the Cohort 2 programme. From the initial selection of the 20 companies, to one on one sessions to organising focused training sessions on market expansion and fundraising, the team at Quest Ventures has been integral to ScaleUp Malaysia’s second cohort. All three partners from Quest
Ventures sat on the investment committee panel that selected these 11 companies.
Jeffrey Seah, Managing Partner of Quest Ventures says, “Our work across Asia Pacific, and now Central Asia, have shown us that resilient founders with innovative business models and go-to-market nous have what it takes to be successful during these challenging times. We are inspired with the desire and commitment of the founders we have worked with in ScaleUp Malaysia’s Cohort 2 and we are excited to continue this journey with these 11 companies in the years to come.”
ScaleUp Malaysia and Quest Ventures highlight that the journey with these startups has just started. The team now embarks on an intensive process to develop and execute plans to partner these companies in their #Quest2Scale and be the success stories of the coming years.
