ScaleUp Malaysia, a local startup accelerator, has taken to investing USD$1 million in ten startups for its 2022 Cohort set to officially kick off in the fourth quarter of the year.
“We have been tremendously blessed to have worked with some of the best companies in the region over the last three cohorts,” said Xelia Tong, Managing Partner of ScaleUp Malaysia. “This increase in our investment size upfront shows our belief that Malaysia and Southeast Asia have some truly remarkable founders. We hope to support them on their journey.”
The program welcomes startups in Malaysia, Southeast Asia, and globally that are already generating revenue and can show a “strong” product value proposition, a sizable market, and a “compelling” go-to-market plan.
Those selected will be part of a one-month investor readiness bootcamp, along with access to venture capital networks, with participants also receiving investments from the accelerator before commencing the program instead of at the end of the programme. The program will also offer two-year support from an external management team.
“We recognise that this is a very precarious time for founders with so much uncertainty with the economic situation in the region and around the world” said Andre Sequerah, Managing Partner of ScaleUp Malaysia. “This is why we have streamlined our process to make sure that exceptional startups get funded quickly so they hit the ground running and scale effectively.”
Founded by a team of experienced entrepreneurs, professionals and seasoned investors, ScaleUp Malaysia has increased its investment in its startups to $100,000 per company, making it one of the largest cheque sizes from an accelerator in Southeast Asia.
Applications for Cohort 2022 are now officially open until the 31st of August 2022. Within five weeks of submission, applicants will know if they are accepted into the program.
The firm not only accepts startups from Malaysia but from all over the world. Startups from 26 countries applied for its last cohort, with the 11 participants receiving USD$60,000 in funding.