MYStartup accelerator picks 25 startups for Cohort 3 with US$52k funding and grants up to US$209k available

• 4-month programme designed to accelerate growth and innovation
• Elevating Malaysian startups to become future multinational champions

MYStartup, in partnership with NEXEA, a venture capital and startup accelerator firm, has launched its third accelerator programme where over 900 applications were received with 60 making it to the final selection with 25 promising tech startups chosen to be onboarded comprising four primary sectors: artificial intelligence, machine learning, healthcare, and software development.

[Ed: Para updated for accuracy. An earlier version omitted the number of applications received.]

MYStartup said the selecter 25 startups will undergo a four-month enrichment programme designed to accelerate their growth and foster an environment conducive to innovation and catalysing significant shifts in Malaysia’s startup ecosystem.

The preceding cohort saw some startups securing up to US$146,400 (RM700,000) worth of investments within the past six months. These startups, which include Parkit, Engagelife, iJalan and EB Tech, also achieved an aggregated total valuation of 290%, growing from US$2.3 million to US$6.7 million (RM11 million to RM32 million) over the same period.

Norman Matthieu Vanhaecke (pic), Group CEO of Cradle, said, “Startups are one of the fundamental building blocks in Malaysia’s economic development. Based on the Global Startup Ecosystem Report (GSER) report in 2023, Malaysia’s startup ecosystem was estimated to be worth US$4.6 billion. At Cradle, we recognise the crucial need to foster a high performing, inclusive, globalised, and sustainable startup ecosystem in the country to empower these ventures for regional and global expansion.”

Norman also pointed out that as the focal agency championing the creation and growth of future leading Malaysia tech companies, Cradle’s goals also go beyond monetary, with intensive mentorships and comprehensive resources. “Through these programmes, we hope to equip our startups with the requisite exposure and support to scale their operations, thus elevating Malaysian startups to become future multinational champions.”

The MYStartup Accelerator programme is designed for scalable and technology-driven startups, either in the revenue-generating stage or with a minimum viable product (MVP). To date, the MYStartup Accelerator has successfully empowered 58 startups, across two cohorts."The last two cohorts of MYStartup Accelerator, guided by our investor-mentors and Cradle’s support, have on average doubled their growth year-on-year. Out of the 940 applications received this year, 25 were selected and will compete to become top finalists and secure initial funding worth RM250,000 with grants up to RM1 million. Together with Cradle, we look forward to creating a bigger impact, accelerating their growth and, eventually, cultivating an inclusive and sustainable startup ecosystem in the country,” said Ben Lim, founder and CEO of Nexea.

Eeyong Ho, founder of Otter Barista, one of the 25 selected startups said, "Otter Barista aims to bring quality coffee closer to you, making your experience more seamless and convenient. With our advanced robotics, consumers can conveniently interact with the machine to place orders, and the machine handles the end-to-end process of freshly brewing beverages, all at a lower cost. We are excited to participate in this accelerator programme, especially the one-on-one sessions with our investor and founder mentors. Through the mentoring and designated workshops, we aim to better strengthen our company's values and business model, accelerating our growth across Malaysia."

The 25 selected startups for MYStartup Accelerator Programme Cohort 3 include:

1. Nakngaji, a platform that offers personalized online and home-based Quran learning services.
2. Otter Barista, an automated robotic coffee brewing experience with high-quality and fresh brews.
3. Ollie & Hana, the largest pet grooming and hotel boarding specialist.
4. ALT Synergy, a strategic application of biotechnology to enhance supplement effectiveness.
5. WeAssist, mobile applications developer focusing on connecting people to healthcare services.
6. Messengerco, a one-stop platform for corporate gifting.
7. EasyRenz, an automated & smart tenant management solution.
8. Numom, specialized in maternity and baby products focusing on breastfeeding support.
9. Resitku, an application for expense receipts and income records as well as a taxation solution.
10. Dreamory, an all-in-one business event platform.
11. Heycast.me, a casting platform for entertainment industry.
12. Property Lab, AI-driven platform for precise property investment insights.
13. DeepLogi, a smart shipping gateway for small and medium-sized business.
14. Siren Networks, a safety application that connects people on a platform with emergency and care service providers.
15. Axtraction AI, B2B document AI Software as a Service (SaaS).
16. Quasa.ai, provides regulatory and compliance tech solutions to businesses.
17. Infinitlab, a modular SaaS ERP solution empowered by an AI-ready framework for seamless and efficient business management.
18. Choladeck, A web app that creates customized, brand-aligned presentations and offers insights on audience engagement.