SCALEUP PARTNERS WITH QUEST VENTURES TO SCALE UP STARTUPS

KUALA LUMPUR, Sept 8 -- ScaleUp Malaysia has partnered with Quest Ventures, a Singapore-based venture capital firm, to invest and scale up regional growth of top Malaysian startups. 

In a statement today, Quest Ventures managing partner James Tan said the partnership will bring in a foreign direct investment deal worth US$1 million (RM4.15 million) to develop and grow Malaysian startups via the Scale Up Malaysia Cohort 2 programme.

“To qualify for the programme, startups must be operating on business models that have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by the current economic climate,” he said.

Startup companies may apply to participate in the programme starting Sept 8 by visiting https://www.scaleup.my/.

Tan said 24 companies shortlisted from the Cohort 2 applications will begin their accelerator journey in October before presenting their solutions to the investment committee at the end of the programme.

“As part of the partnership, Scale Up Malaysia Cohort 2 powered by Quest Ventures will invest at least US$60,250 (RM250,000) in up to 12 of these companies,” he said.

Participants must be registered as a Malaysian company and will be shortlisted based on four key criteria -- revenue generation, ability to demonstrate product-market fit, potential of highly scalable products or service with large growth prospects, and possibility of global expansion.

-- BERNAMA