Six startups receive investment under MyStartup Accelerator

• Received investments from 17 angel investors
• Supports early-stage startups through mentorship, partnerships 

The MYStartup Accelerator Programme has announces that six startups from its Cohort 1 have received a total of US$348,000 (RM1.57 million) investments from 17 angel investors.

In a statement, Cradle Fund Sdn Bhd said the six startups are Mindaapz, an edtech marketplace for advanced e-tuition and education; Krenovator, a tech talent training and placement platform; Ipick, an intercity parcel delivery service; and ThreadX, an original equipment manufacturer fashion platform.

The other two startups include Cult Creative, a network platform that matches creatives and potential employers through data and Products2U, a marketplace for the under-served offline community.
 
According to Cradle, the MYStartup Accelerator Programme is an intensive enrichment programme that supports early-stage startups through mentorship and partnerships. 

Running for six months until December 2022, this programme sees participating startups benefiting from an expansive list of mentors and experts in respective fields, covering topics such as business scaling and market access, it said.
 
The programme also provides participating startups access to other partner benefits and resources worth up to US$444,000 (RM2 million), Cradle said.

Commenting on the achievement, Norman Matthieu Vanhaecke, acting group chief executive officer at Cradle, said the investment received by the startups is a sign of confidence and trust from potential investors towards the local startup ecosystem.
 
“Hence, the commemoration of this investment signing ceremony shows Cradle's utmost support and commitment to bridge local startups to potential investors", he said.

Ahmad Kashfi Alwi, senior vice president of Ecosystem Development, Cradle said the firm received over 500 applications for the first cohort and selected 33 startups who went through a rigorous mentoring process with seasoned industry experts.

"The investments received by these startups further validate the impact of the MYStartup Accelerator Programme.

“We will continue to run these programmes to attract more investors and corporate participation to the local startup ecosystem”, said Ahmad Kashfi.

The programme's second cohort will commence in November 2022, targeting a more comprehensive range of technology verticals.