Malaysian startups that raised over RM1 million funding in 2023

Earlier than 2023 involves an finish, we determined to have a look again to see which Malaysian startups have earned the arrogance of buyers. Particularly, listed below are people who have raised greater than RM1 million up to now yr.

Other than studying our enterprise predictions for 2024, we hope this record of startups can encourage different Malaysian entrepreneurs within the coming 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 Sequence 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 the direction of increasing Biogenes’ proprietary know-how platforms throughout Southeast Asia. Particularly, 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 supply 10 million take a look at 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-Sequence A funding spherical.

In accordance with 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 aim is to offer an entire reseller ecosystem for the native micro, small, and medium enterprises (MSME) group the place they’re capable of oversee their reseller networks and companies.

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

On the similar time, the model additionally plans to develop its product catalogue to completely different segments of the direct-to-consumer (D2C) business. Particularly within the pipelines embrace:

• EjenStore, a brand new on-line storefront and affiliate platform for brokers
• EjenCare, an revenue safety plan that’s just 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 shoppers, the press launch acknowledged. 

3. iMotorbike

iMotorbike, an ecommerce platform for purchasing and promoting pre-loved bikes secured RM12 million in its Sequence 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 by way of scaling operations, increasing its crew 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 online marketing platform, raised over US$10 million in a funding spherical again in February. 

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

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

Within the press launch, it was shared that Contain Asia shall be utilizing the funds to put money into firms that complement its enterprise and leverage its community of shoppers and companions. Consistent with that transfer, the online marketing firm can be rising its crew to maintain up with this.

5. Kiddocare

Malaysian caregiving platform, Kiddocare, closed its Pre-Sequence 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, acknowledged 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 skills on family-related providers, akin to kids’s enrichment and schooling, and aged care providers. The latter is one thing which we predict will develop much more within the coming years.

6. MADCash

In early October, fintech startup MADCash raised RM5 million in its Pre-Sequence 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 aim of supporting unbanked and underbanked girls entrepreneurs. The concept stemmed from MADCash’s crew who noticed girls entrepreneurs struggling to restart their micro companies after the primary lockdown.

In accordance with its press launch on the time, the funds shall be used for just a few upgrades within the firm. Particularly:

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

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

7. PolicyStreet 

Lower than two years after its Sequence A funding spherical, insurtech (insurance coverage know-how) startup PolicyStreet obtained US$15.4 million (RM67 million) throughout its Sequence 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 affect 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 customers 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 crew will have the ability to higher faucet into underserved and underinsured viewers segments within 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 have been gained by 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 charge of leafy crops. This helps in shortening the crop cycle and growing crop yields by 60%.

In accordance with its press launch, the funds will enable the agritech startup to strengthen their R&D efforts. Together with that, they’ll additionally have the ability to develop manufacturing services to supply 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 may reshape standard approaches to farming,” stated the CEO and co-founder of Qarbotech, Choe Chee Hoe. 

9. Tender Area Sdn Bhd

Earlier within the yr, B2B fintech firm Tender Area Sdn Bhd bagged US$31.5 million in investments after closing its Sequence 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, Tender 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, Tender Area was reportedly specializing in increasing into omnichannel funds, together with the adoption of synthetic intelligence, QR code funds, e-wallet methods, and cash lending schemes.  

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

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Whereas a few of the industries listed are fairly area of interest, it helps to be aware of what buyers are investing in on account of its potential to develop additional. 

This gives insights into which fields shall be rising within the close to future, so others out there can higher themselves too. For instance, you possibly can 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 stay up for seeing extra Malaysian startups making such achievements within the subsequent 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