FutureLab raises US$478k Pre-A funding led by Sarawak Digital Economy Corporation

• Malaysia based US fund, Indelible Ventures & EduSpaze in Singapore participate as well
• Funds to go into scaling operations in Malaysia & train an additional 8k IR4.0 mentors

FutureLab, an online mentorship platform, and edtech social enterprise announced that it has secured US$478,000 (RM2 million) in Pre-Series A funding in a round led by Sarawak Digital Economy Corporation (SDEC).  Malaysian based US investment group, Indelible Ventures and EduSpaze, Singapore’s first edtech accelerator also participated in this round.

In a statement, FutureLab said that the recent injection will be directed towards scaling up its operations in Malaysia as the company onboards more learning institutions and corporations into its mentoring ecosystem. 

It added that the funds will also be used to welcome and train an additional 8,000 IR4.0 mentors who will be integrated into schools, universities, and startup accelerators utilizing the FutureLab platform. 

In addition, the company will be looking to expand its product development efforts, providing users with a more seamless experience, including the launch of a new mobile application that includes multiple languages such as English, Bahasa Malaysia, and Bahasa Indonesia.

“FutureLab was founded to help fresh graduates address the disconnect they often experience when transitioning from their studies to joining the workforce. Since then we have grown to offer mentorship opportunities for young working professionals and aspiring entrepreneurs,” said founder of FutureLab, Brian Tan.

“With the support of our new investors, partners, and team, we aim to make mentorship accessible to everyone,”  he added.

To combat the growing risk of structural unemployment in Malaysia, FutureLab connects students, graduates, job seekers, and aspiring entrepreneurs to over 3,000 industry mentors across Malaysia, Singapore, and Indonesia through their online platform. This creates a cohesive mentoring ecosystem that allows for meaningful mentor-mentee relationships to develop, helping individuals achieve their career goals while bridging the knowledge gap between education and the future workforce. 

With the launch of its software-as-a-service (SaaS) business model, FutureLab helps learning institutions and corporations design, manage, and track internal mentoring programs. 

Ultimately, this ensures that teams at the organizational level are able to experience unique learning opportunities geared towards professional, personal, and even entrepreneurial improvement.

Speaking about the collaboration with the Sarawak Government, Hazwan Razak, head of innovation and entrepreneurship said, “One of SDEC's responsibilities is to act as a catalyst for the Sarawak Digital and Innovation Ecosystem. The shared goal is to ensure that innovation and digital entrepreneurship opportunities are inclusive and available in every corner of the state.”

“Together with FutureLab, we will be embarking on a journey to inspire and support our youths, innovators, startups, and entrepreneurs to fully realise their growth potential, leveraging on FutureLab’s global wealth of expertise,” he added.

Already named Top 50 Innovative edtech companies in S.E Asia by HolonIQ in 2020, FutureLab will be looking to begin its Series A round in the coming year to expand its mentor marketplace and mentoring ecosystem into Southeast Asia. 

Brands currently working with FutureLab include Malaysia Digital Economy Corporation , Malaysian Global Innovation and Creativity Centre , Accenture, Selangor Information Technology & Digital Economy Corporation, Tabung Emas Gagasan Anak Sarawak, British Council, Sunway University and Taylor's University.

For more information about FutureLab, please visit https://www.futurelab.my/