25 tech startups shortlisted for third accelerator program by Malaysia’s MYStartup and NEXEA

In collaboration with NEXEA, a venture capital and startup accelerator firm, MYStartup, a national initiative launched by Malaysia’s Ministry of Science, Technology, and Innovation (MOSTI) and developed by Cradle Fund, has selected a total of 25 tech startups for its third accelerator program.

The companies were selected from 60 applications from a variety of industries, including four main industries: software development, artificial intelligence, machine learning, and healthcare, according to a statement released by MYStartup on Friday.

These startups will participate in a four-month enrichment program, according to the statement, that aims to push boundaries and ignite major changes in Malaysia’s startup ecosystem while propelling their companies onto accelerated growth trajectories and fostering an environment that encourages innovation.

Securing investments totaling up to MYR 700,000 ($146,396) in the last six months, several startups from the previous cohort demonstrated real success and received significant infusions of capital.

These startups, which grew from MYR 11 million ($2.3 million) to MYR 32 million ($6.69 million) over the same period, include Parkit, Engagelife, iJalan, and EB Tech. Together, they achieved an aggregate total valuation of 290 percent.

“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 $4.6 billion,” said Norman Matthieu Vanhaecke, Group Chief Executive Officer of Cradle.

He said that in order to support these businesses in their efforts to expand regionally and internationally, Cradle understands how important it is to cultivate a high-performing, inclusive, globalized, and sustainable startup ecosystem in the nation.

Through specialized capacity-building initiatives like the MYStartup Accelerator, he said, the focal point agency supporting the development and expansion of future leading Malaysian tech companies is committed to creating a startup ecosystem that will boost the country’s economy.

“The goals go beyond monetary; they also come with intensive mentorships and comprehensive resources,

“Through these programs, we hope to equip our local startups with the requisite exposure and support to scale their operations, thus elevating Malaysian startups to become future multinational tech champions,” he added.