Earlier than 2023 involves an finish, we determined to have a look again to see which Malaysian startups have earned the boldness of buyers. Particularly, listed here are these that have raised greater than RM1 million in the previous yr.

Other than studying our enterprise predictions for 2024, we hope this record of startups can encourage different Malaysian entrepreneurs in the approaching yr. 

So here’s a non-exhaustive record that we’ve compiled, organized alphabetically.

1. Biogenes Applied sciences Sdn Bhd

Again in January, Biogenes Applied sciences Sdn Bhd (Biogenes), an area biotech (biotechnology) startup, bagged US$5.7 million throughout its Collection A funding from Pembangunan Ekuiti Sdn Bhd (PESB).

Established in 2015, Biogenes is a biotech firm specialising in molecular diagnostics and genomics. 

Some examples of its main applied sciences embrace the computer-aided design of artificial antibodies (known as aptamers) and fast point-of-care diagnostic options for infectious illnesses and screening most cancers biomarkers.

On the time, its press launch shared that the funds will go in direction of increasing Biogenes’ proprietary know-how platforms throughout Southeast Asia. Specifically, this consists of the Philippines and Indonesia the place Biogenes has signed collaboration agreements. 

With the invested funds, the corporate goals to construct on its capability to provide 10 million check kits per yr and additional develop aptamer-based diagnostic options. 

2. Ejen2u

In early October, Malaysian agent administration platform Ejen2u Worldwide Sdn Bhd (Ejen2u) raised RM7 million in its Pre-Collection A funding spherical.

Based on its web site, Ejen2u is a homegrown cloud-based platform for managing brokers. As a tech startup targeted on the reseller business, the model’s purpose is to offer a whole reseller ecosystem for the native micro, small, and medium enterprises (MSME) neighborhood the place they’re in a position to oversee their reseller networks and companies.

With the funds raised from Gobi Companions and Artem Ventures, Ejen2u aimed to diversify their buyer base and broaden into new markets like Indonesia. 

On the identical time, the model additionally plans to broaden its product catalogue to totally different segments of the direct-to-consumer (D2C) business. Particularly in the pipelines embrace:

• EjenStore, a brand new on-line storefront and affiliate platform for brokers
• EjenCare, an revenue safety plan that’s much like Malaysia’s Social Safety Organisation (SOCSO)
• EjenCapital, an answer to help retailers and brokers with stock financing

As of this yr, Ejen2u has supported over 340,000 resellers throughout the nation and are serving greater than 500 purchasers, the press launch said. 

3. iMotorbike

iMotorbike, an ecommerce platform for purchasing and promoting pre-loved bikes secured RM12 million in its Collection A funding spherical. 

The fundraising was led by Gobi Companions and Ondine Capital, and was backed by a slew of buyers like Penjana Kapital, The Hive Southeast Asia, 500 World, Goodwater Capital and Seedstars Worldwide Ventures.

One of many few native second hand marketplaces for two-wheelers, the 6-year-old model advised us that the funds would assist supercharge their enterprise progress. That is notably in phrases of scaling operations, increasing its staff and choices, and penetrating new regional markets.

On the time of our interview with them, they believed that 2023 is the “Yr of the Bike” because it’s extra financially environment friendly to personal a motorcycle than a automobile. 

4. Contain Asia

Contain Asia, a Malaysian affiliate marketing online platform, raised over US$10 million in a funding spherical again in February. 

It was led by Bintang Capital Companions Berhad, the non-public fairness arm of Affin Hwang Asset Administration Berhad. Different buyers embrace notable native and worldwide names like 500 World, Orbit Capital Malaysia, OSK Expertise Ventures, and Cradle Seed Ventures.

As an affiliate marketing online platform, Contain Asia permits manufacturers, associates, and influencers to broaden their earnings via profitable on-line collaborations. In addition to that, the model additionally permits advertisers to evaluate, oversee, and scale their advertising partnerships via its options.

Within the press launch, it was shared that Contain Asia shall be utilizing the funds to speculate in firms that complement its enterprise and leverage its community of purchasers and companions. In keeping with that transfer, the affiliate marketing online firm can also be rising its staff to maintain up with this.

5. Kiddocare

Malaysian caregiving platform, Kiddocare, closed its Pre-Collection A spherical of funding in late September. 

Though the quantity was not disclosed, the model advised Vulcan Put up that it had raised seven-figure funds from notable buyers. This included Gobi Companions, MSW Ventures Asia Fund X, and ScaleUp Malaysia.

Launched in 2019, Kiddocare is a childcare service platform based by two working mums. “Central to our mission is the professionalisation of caregivers,” Nadira, the CEO, said in its press launch. 

“This funding reinforces our resolve to raise caregiving as a revered and professionalised profession of alternative.”

Transferring ahead, the model seeks to kickstart The Kiddocare Academy to upskill native abilities on family-related companies, equivalent to kids’s enrichment and schooling, and aged care companies. The latter is one thing which we predict will develop much more in the approaching years.

6. MADCash

In early October, fintech startup MADCash raised RM5 million in its Pre-Collection A funding spherical. The funding was led by Artem Ventures and supported by MSW Ventures and Scaleup Founders Fund.

MADCash stands for Multiply, Help, Donate, which displays the model’s purpose of supporting unbanked and underbanked girls entrepreneurs. The thought stemmed from MADCash’s staff who noticed girls entrepreneurs struggling to restart their micro companies after the primary lockdown.

Based on its press launch on the time, the funds shall be used for a couple of upgrades in the corporate. Specifically:

• to reinforce the corporate’s on-line platform utilizing AI know-how
• to cowl operational and advertising bills
• to discover growth alternatives in the Southeast Asia area
• to launch the MADCash Academy to teach extra girls entrepreneurs on monetary literacy

Tunku Omar Asraf, the principal of Artem Ventures, defined the choice to speculate in MADCash by saying, “MADCash recognises the significance of monetary inclusion for closing the hole of poverty and gender inequality, which might result in higher financial progress in the SEA area.”

7. PolicyStreet 

Lower than two years after its Collection A funding spherical, insurtech (insurance coverage know-how) startup PolicyStreet obtained US$15.4 million (RM67 million) throughout its Collection B fundraising. 

Led by Khazanah Nasional’s Dana Impak mandate, this funding in PolicyStreet enhances Khazanah Nasional’s Future Malaysia Programme which goals to assist the native startup ecosystem. 

For context, the Future Malaysia Programme helps investments into firms with sustainable enterprise fashions that ship socioeconomic influence to the native communities. 

Yen Ming Lee, PolicyStreet’s CEO and co-founder, defined that the insurtech startup is dedicated to empowering underinsured companies and shoppers by offering accessible insurance coverage options. 

This funding spherical particularly shall be used to strengthen its know-how and underwriting capabilities. By doing so, the staff will be capable of higher faucet into underserved and underinsured viewers segments in the nation and the area.

8. Qarbotech 

Qarbotech, a Malaysian agritech startup, closed US$700,000 (roughly RM3,264,450 on the time) in seed funding and grants earlier in December.  

The seed spherical was led by 500 World and included grants from Malaysia’s Khazanah Nasional and Singaporean government-linked Temasek Basis. Each had been gained via challenges, particularly the Temasek Basis’s Local weather Impression Improvements Problem and the Khazanah Impression Innovation Problem 2023. 

Launched in 2018, Qarbotech develops a biocompatible resolution that will increase the photosynthesis fee of leafy crops. This helps in shortening the crop cycle and rising crop yields by 60%.

Based on its press launch, the funds will permit the agritech startup to strengthen their R&D efforts. Together with that, they’ll additionally be capable of broaden manufacturing amenities to provide as much as 50 occasions its present capability.

“Because the business’s most accessible photosynthesis enhancer, we’re pioneering a brand new and disruptive resolution that will reshape standard approaches to farming,” mentioned the CEO and co-founder of Qarbotech, Choe Chee Hoe. 

9. Gentle Area Sdn Bhd

Earlier in the yr, B2B fintech firm Gentle Area Sdn Bhd bagged US$31.5 million in investments after closing its Collection B1 funding spherical. 

It was led by Southern Capital Group (SCG) Pte. Ltd, with participation from buyers like Japanese firms transcosmos inc and JCB, and South Korea’s KB Funding. 

Based in 2012, Gentle Area goals to streamline monetary infrastructures and facilitate seamless funds for patrons in a easy and economically environment friendly method.

On the time of the information in April, Gentle Area was reportedly specializing in increasing into omnichannel funds, together with the adoption of synthetic intelligence, QR code funds, e-wallet programs, and cash lending schemes.  

Therefore, with that in thoughts, the funds acquired from this spherical shall be used to broaden the model’s world footprint, speed up the innovation of its full-stack funds platform, and to broaden into next-generation technological options. 

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Whereas a number of the industries listed are fairly area of interest, it helps to pay attention to what buyers are investing in as a result of its potential to develop additional. 

This offers insights into which fields shall be rising in the close to future, so others in the market can higher themselves too. For instance, you may discover methods to leverage the expansion of sure industries to your benefit. 

Both means, we thought we’d take this chance to want these Malaysian startups a hearty congratulations as soon as once more on their funding rounds!

We sit up for seeing extra Malaysian startups making such achievements in the following yr.

• Learn articles we’ve written about Malaysian startups right here.
• Learn articles we’ve written about funding right here.

Featured Picture Credit score: Nadira Yusoff, founder and CEO of Kiddocare / Jimmy How, CEO of Contain Asia / Sharmeen Looi, co-founder of iMotorbike