Malaysian-based venture builder LaunchPad has secured $6 million in funding to launch new tech ventures, invest in early-stage start-ups, and fund its existing startups.
This fresh funds come just months after LaunchPad sealed $1 million from private investors last December.
The new funding round is released over a period of two years and comes from private investors who previously invested in founder and chief executive officer Asim Qureshi’s property business AIQ Global.
LaunchPad was originally established to analyse proven business models from the US and Europe, but recent market developments and increased competition emphasised the importance of original ideas.
LaunchPad supports its ventures’ investments needs in the pre-seed to seed stage.
“When we set-off we were inspired by the Rocket Internet model of starting proven tech businesses. What we came to realise is that a lot of ideas proven elsewhere don’t necessarily work in Southeast Asia, and the space is becoming somewhat saturated. We have expanded our focus to more original ideas which allows us to potentially tap into the global market,” Qureshi said.
Currently, LaunchPad has six startups in its portfolio, including job platform SkootJobs, SaaS company PayrollPanda, cloud application to track attendance and time PunchinPanda, T-shirt crowdbuying platform Teeyoot, mobile dining applicaton Menyoo, and Middle East-focused online job platform Pisheyab.
Each startup gets access to shared resources which includes marketing, tech, accounting and HR, and critical hands-on support, all crucial to drive growth.
“Over the last months we centralised a lot of key business areas. This is a win-win situation as it frees up the venture builders so they may focus on the essentials for their venture, while at the same time learnings are centralised for each of these areas which allows us to operate better as a group,” Toine Vaessen, venture builder at LaunchPad said.
Qureshi previously founded ThinkProperty.my, which was acquired by iProperty in 2010. The Oxford-graduate is a former vice president at investment banks Morgan Stanley and Credit Suisse.