ScaleUp and Quest Ventures invest RM2.75m to scale 11 Malaysian firms

ScaleUp Malaysia, an accelerator which focuses exclusively on growth-stage companies in Malaysia, and Quest Ventures are investing a total of RM2.75 million in 11 Malaysian companies. The companies will each receive RM250,000 to grow their business regionally.

The 11 companies are part of ScaleUp's Cohort 2 programme which will enable them to receive support from an external management team comprising CTOs, CFOs, CMOs and chief strategy officers, as well as gain access to Quest's team and networks for advice and potential follow-on investment.

Here are the selected companies:

1. ERTH: E-Waste Recycling Through Heroes is a social enterprise that specialises in collecting and recycling electronic waste (e-waste) from household and businesses.

2. Fefifo: Fefifo is pioneering digitalised, standardised farming in ready-to-farm modern farm spaces called co-farms, to make sustainable, profitable smallholder farming commonplace in Southeast Asia.

3. Hatio: Hatio is a technology provider specialising in supply chain and logistics. Its experiences span across warehouse automation, smart logistics, robotics, artificial intelligence and the internet of things.

4. Hauz: Hauz is a data-driven enterprise solution that manages and monitors mobile workforce operations in the service industry, be in Malaysia or regionally.

5. Homa2u: Homa2u is an O2O building materials and interior finishes marketplace where you can find a wide range of high quality, branded and bargain materials for your house project.

6. Kiddocare: Kiddocare is an online platform that connects parents with trained Malaysian baby sitters and early childhood education providers for personalised, on-demand services.

7. Load2Go: Load2Go offers an on-demand logistics platform for booking big trucks for large freight, construction and manufacturing industries.

8. MMC: MMC is a food-based company which operates several different businesses, including a central kitchen, food mart, cafe and vending machines. Its businesses are tracked and run on a proprietary technology solution.

9. MyBump: MyBump media is a car wrap advertising company that matches brands with drivers, who are also its brand ambasssadors, for data-backed creative execution outdoor advertising.

10. Pomen: Pomen is SaaS automotive maintenance platform that specialises in fleet companies and vehicle owners to connect with workshops and service providers to benefit them with valuable vehicle and financial insight.

11. Quadby: Quadby is a community app for students to find and chat with peers on campus.

According to ScaleUp, 65% of the companies selected have women founders. The initial round of shortlist had 20 companies and Quest Ventures is a key partner of the Cohort 2 programme. Quest Ventures has more than 50 investments under its belt, including Carousell, 99.co and Carro. The venture fund also counts Temasek as one of its key investors. The team has been actively involved in 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.

Jeffrey Seah, managing partner of Quest Ventures, said its work across Asia Pacific and Central Asia has shown the team 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 by 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," he added.

Meanwhile, ScaleUp's spokesperson told MARKETING-INTERACTIVE that SMEs can remain competitive in such challenging times by continuing to look out for opportunities in tailwind sectors created by COVID-19, and pivot their businesses if necessary. "Apart from hard skills around data and technology, talent and skills that SMEs should hire to futureproof the business includes agility, critical thinking and resilience," the spokesperson added.

Photo courtesy: 123RF

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