ScaleUp Malaysia, a country-focused accelerator, on Tuesday announced an exclusive partnership with Singapore-based venture capital firm Quest Ventures to invest and scale the regional growth of Malaysian startups.
The partnership with Quest Ventures will bring in foreign direct investment worth $1 million to develop and grow Malaysian startups, the company said in a statement.
“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,” ScaleUp said in a statement.
Nearly 24 companies shortlisted for Cohort 2 will begin their accelerator journey in October 2020. And, nearly 12 companies from ScaleUp Malaysia Cohort 2, powered by Quest Ventures, will invest at least $60,250 each.
“Beyond the traditional investment role of VCs, we see it as our tech ecosystem duty to drive a speedier adoption of the digital economy,” Quest Ventures managing partner James Tan said, on the partnership.
ScaleUp Malaysia launched its first cohort in December 2019 with 20 companies. About 10 startups received an investment of $48,283 each.
ScaleUp Malaysia senior partner Dr V. Sivapalan said, at the launch, “our focus is primarily on technology companies. As long as you are a technology company, technology creator, you should apply.”
Tan said Quest Ventures would look at follow-on investments in companies in Cohort 2.
Earlier this year, Quest Ventures announced the first close of its venture capital fund named Asia Fund II after clinching support from Singapore’s Pavilion Capital a subsidiary of Singapore state investment firm Temasek Holdings Pte Ltd and QazTech Ventures.