Malaysian startups that raised over RM1 million funding in 2023

Earlier than 2023 involves an finish, we determined to have a look again to see which Malaysian startups have earned the arrogance of buyers. Particularly, listed here are those who have raised greater than RM1 million prior to now 12 months.

Apart from studying our enterprise predictions for 2024, we hope this checklist of startups can encourage different Malaysian entrepreneurs within the coming 12 months. 

So here’s a non-exhaustive checklist that we’ve compiled, organized alphabetically.

1. Biogenes Applied sciences Sdn Bhd

Picture Credit score: Biogenes Applied sciences Sdn Bhd

Again in January, Biogenes Applied sciences Sdn Bhd (Biogenes), an area biotech (biotechnology) startup, bagged US$5.7 million throughout its Collection A funding from Pembangunan Ekuiti Sdn Bhd (PESB).

Established in 2015, Biogenes is a biotech firm specialising in molecular diagnostics and genomics. 

Some examples of its main applied sciences embody the computer-aided design of artificial antibodies (known as aptamers) and fast point-of-care diagnostic options for infectious ailments and screening most cancers biomarkers.

On the time, its press launch shared that the funds will go in direction of increasing Biogenes’ proprietary know-how platforms throughout Southeast Asia. Specifically, this consists of the Philippines and Indonesia the place Biogenes has signed collaboration agreements. 

With the invested funds, the corporate goals to construct on its capability to supply 10 million check kits per 12 months and additional develop aptamer-based diagnostic options. 

2. Ejen2u

Picture Credit score: Ejen2u Worldwide Sdn Bhd

In early October, Malaysian agent administration platform Ejen2u Worldwide Sdn Bhd (Ejen2u) raised RM7 million in its Pre-Collection A funding spherical.

In accordance with its web site, Ejen2u is a homegrown cloud-based platform for managing brokers. As a tech startup targeted on the reseller business, the model’s objective is to supply an entire reseller ecosystem for the native micro, small, and medium enterprises (MSME) neighborhood the place they’re capable of oversee their reseller networks and companies.

With the funds raised from Gobi Companions and Artem Ventures, Ejen2u aimed to diversify their buyer base and increase into new markets like Indonesia. 

On the similar time, the model additionally plans to increase its product catalogue to totally different segments of the direct-to-consumer (D2C) business. Particularly within the pipelines embody:

  • EjenStore, a brand new on-line storefront and affiliate platform for brokers
  • EjenCare, an earnings safety plan that’s much like Malaysia’s Social Safety Organisation (SOCSO)
  • EjenCapital, an answer to help retailers and brokers with stock financing

As of this 12 months, Ejen2u has supported over 340,000 resellers throughout the nation and are serving greater than 500 shoppers, the press launch acknowledged. 

3. iMotorbike

Picture Credit score: iMotorbike

iMotorbike, an ecommerce platform for purchasing and promoting pre-loved bikes secured RM12 million in its Collection A funding spherical

The fundraising was led by Gobi Companions and Ondine Capital, and was backed by a slew of buyers like Penjana Kapital, The Hive Southeast Asia, 500 World, Goodwater Capital and Seedstars Worldwide Ventures.

One of many few native second hand marketplaces for two-wheelers, the 6-year-old model informed us that the funds would assist supercharge their enterprise development. That is significantly by way of scaling operations, increasing its crew and choices, and penetrating new regional markets.

On the time of our interview with them, they believed that 2023 is the “12 months of the Bike” because it’s extra financially environment friendly to personal a motorcycle than a automobile. 

4. Contain Asia

Picture Credit score: Contain Asia

Contain Asia, a Malaysian affiliate internet marketing platform, raised over US$10 million in a funding spherical again in February. 

It was led by Bintang Capital Companions Berhad, the non-public fairness arm of Affin Hwang Asset Administration Berhad. Different buyers embody notable native and worldwide names like 500 World, Orbit Capital Malaysia, OSK Expertise Ventures, and Cradle Seed Ventures.

As an affiliate internet marketing platform, Contain Asia allows manufacturers, associates, and influencers to increase their earnings via profitable on-line collaborations. Apart from that, the model additionally permits advertisers to evaluate, oversee, and scale their advertising partnerships via its options.

Within the press launch, it was shared that Contain Asia shall be utilizing the funds to spend money on firms that complement its enterprise and leverage its community of shoppers and companions. In step with that transfer, the affiliate internet marketing firm can be rising its crew to maintain up with this.

5. Kiddocare

Picture Credit score: Kiddocare

Malaysian caregiving platform, Kiddocare, closed its Pre-Collection A spherical of funding in late September. 

Though the quantity was not disclosed, the model informed Vulcan Submit that it had raised seven-figure funds from notable buyers. This included Gobi Companions, MSW Ventures Asia Fund X, and ScaleUp Malaysia.

Launched in 2019, Kiddocare is a childcare service platform based by two working mums. “Central to our mission is the professionalisation of caregivers,” Nadira, the CEO, acknowledged in its press launch. 

“This funding reinforces our resolve to raise caregiving as a revered and professionalised profession of alternative.”

Transferring ahead, the model seeks to kickstart The Kiddocare Academy to upskill native abilities on family-related providers, akin to kids’s enrichment and training, and aged care providers. The latter is one thing which we predict will develop much more within the coming years.

6. MADCash

Picture Credit score: MADCash

In early October, fintech startup MADCash raised RM5 million in its Pre-Collection A funding spherical. The funding was led by Artem Ventures and supported by MSW Ventures and Scaleup Founders Fund.

MADCash stands for Multiply, Help, Donate, which displays the model’s objective of supporting unbanked and underbanked ladies entrepreneurs. The thought stemmed from MADCash’s crew who noticed ladies entrepreneurs struggling to restart their micro companies after the primary lockdown.

In accordance with its press launch on the time, the funds shall be used for just a few upgrades within the firm. Specifically:

  • to boost the corporate’s on-line platform utilizing AI know-how
  • to cowl operational and advertising bills
  • to discover growth alternatives within the Southeast Asia area
  • to launch the MADCash Academy to teach extra ladies entrepreneurs on monetary literacy

Tunku Omar Asraf, the principal of Artem Ventures, defined the choice to spend money on MADCash by saying, “MADCash recognises the significance of economic inclusion for closing the hole of poverty and gender inequality, which might result in higher financial development within the SEA area.”

7. PolicyStreet 

Picture Credit score: PolicyStreet

Lower than two years after its Collection A funding spherical, insurtech (insurance coverage know-how) startup PolicyStreet obtained US$15.4 million (RM67 million) throughout its Collection B fundraising

Led by Khazanah Nasional’s Dana Impak mandate, this funding in PolicyStreet enhances Khazanah Nasional’s Future Malaysia Programme which goals to help the native startup ecosystem. 

For context, the Future Malaysia Programme helps investments into firms with sustainable enterprise fashions that ship socioeconomic influence to the native communities. 

Yen Ming Lee, PolicyStreet’s CEO and co-founder, defined that the insurtech startup is dedicated to empowering underinsured companies and customers by offering accessible insurance coverage options. 

This funding spherical particularly shall be used to strengthen its know-how and underwriting capabilities. By doing so, the crew will be capable of higher faucet into underserved and underinsured viewers segments within the nation and the area.

8. Qarbotech 

Picture Credit score: Qarbotech

Qarbotech, a Malaysian agritech startup, closed US$700,000 (roughly RM3,264,450 on the time) in seed funding and grants earlier in December.  

The seed spherical was led by 500 World and included grants from Malaysia’s Khazanah Nasional and Singaporean government-linked Temasek Basis. Each have been gained via challenges, particularly the Temasek Basis’s Local weather Impression Improvements Problem and the Khazanah Impression Innovation Problem 2023

Launched in 2018, Qarbotech develops a biocompatible answer that will increase the photosynthesis charge of leafy crops. This helps in shortening the crop cycle and growing crop yields by 60%.

In accordance with its press launch, the funds will permit the agritech startup to strengthen their R&D efforts. Together with that, they’ll additionally be capable of increase manufacturing services to supply as much as 50 occasions its present capability.

“Because the business’s most accessible photosynthesis enhancer, we’re pioneering a brand new and disruptive answer that may reshape typical approaches to farming,” mentioned the CEO and co-founder of Qarbotech, Choe Chee Hoe. 

9. Smooth House Sdn Bhd

Picture Credit score: Smooth House Sdn Bhd

Earlier within the 12 months, B2B fintech firm Smooth House Sdn Bhd bagged US$31.5 million in investments after closing its Collection B1 funding spherical. 

It was led by Southern Capital Group (SCG) Pte. Ltd, with participation from buyers like Japanese firms transcosmos inc and JCB, and South Korea’s KB Funding

Based in 2012, Smooth House goals to streamline monetary infrastructures and facilitate seamless funds for purchasers in a easy and economically environment friendly method.

On the time of the information in April, Smooth House was reportedly specializing in increasing into omnichannel funds, together with the adoption of synthetic intelligence, QR code funds, e-wallet techniques, and cash lending schemes.  

Therefore, with that in thoughts, the funds acquired from this spherical shall be used to increase the model’s international footprint, speed up the innovation of its full-stack funds platform, and to increase into next-generation technological options. 


Whereas a number of the industries listed are fairly area of interest, it helps to pay attention to what buyers are investing in as a consequence of its potential to develop additional. 

This offers insights into which fields shall be rising within the close to future, so others available in the market can higher themselves too. For instance, you might discover methods to leverage the expansion of sure industries to your benefit. 

Both manner, we thought we’d take this chance to want these Malaysian startups a hearty congratulations as soon as once more on their funding rounds!

We stay up for seeing extra Malaysian startups making such achievements within the subsequent 12 months.

  • Learn articles we’ve written about Malaysian startups right here.
  • Learn articles we’ve written about funding right here.

Featured Picture Credit score: Nadira Yusoff, founder and CEO of Kiddocare / Jimmy How, CEO of Contain Asia / Sharmeen Looi, co-founder of iMotorbike

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