Singapore-based venture capital firm Quest Ventures officially announced a partnership with ScaleUp Malaysia to invest in and scale the growth of Malaysian startups. The deal brought in MYR4.1 million (US$1 million) in Foreign Direct Investment to develop Malaysian startups.
The programme welcomes startups that are operating on business models that “have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by the current economic climate.”
In total, 24 companies shortlisted from the second cohort’s applications will start the programme in October, which is culminating in the presentation of their solutions in front of the Investment Committee.
As part of the partnership, the programme will invest at least US$60,250 in up to 12 of these companies.