The capstone event spotlighted ten (10) finalist startups from the third cohort, celebrating business milestones they achieved over four months of guidance.
KUALA LUMPUR, 22 July 2024 — The MYStartup Accelerator, powered by Cradle Fund Sdn Bhd (Cradle), celebrates ten (10) innovative startups from the third cohort as the programme concludes with its Demo Day. The top five (5) startups will also stand a chance to join MYStartup’s exclusive Market Access Programme, providing them opportunities to explore potential market expansion, build international business connections, and scale their ventures beyond borders.
The top five (5) startups, each bringing home RM10,000, are as follows:
- Nakngaji: Nakngaji connects Quran learners with expert teachers, offering a fast, transparent, and flexible platform for online or in-person education.
- Otter Barista: Otter Barista is Malaysia’s first and only robotic barista providing a 100% contactless hygiene experience with automatic cup and lid dispensing.
- messengerco.ai: messengerco.ai provides personalised corporate gifts and a B2B gifting platform that integrates with clients’ HR, CRM, and sales systems, utilising gifting AI to measure ROI and drive engagement.
- ALT Synergy: ALT Synergy is revolutionising the nutraceutical industry with cutting-edge technology to enhance bioavailability for optimal health and wellness.
- Axtraction AI: Axtraction AI offers innovative Document AI solutions for accurate and efficient regulatory compliance in banking, financial services, and insurance (BFSI).
Norman Matthieu Vanhaecke, Group CEO of Cradle, lauded the achievements of every startup that participated at the Demo Day, commending the innovative ideas they have brought forward to elevate their ventures. “We are incredibly proud of the dedication portrayed by the startup finalists from our third cohort. Throughout the programme, these startups have significantly increased their revenue, and six of them have also succeeded in securing a total of RM750,000 in investments. This success demonstrates the immediate impact of the curated four-month programme. At Cradle, we believe these innovative startups embody the entrepreneurial spirit we strive to foster within the ecosystem, and we look forward to their continued growth and success.”
The selected six (6) startups who received investments worth up to RM750,000, cumulatively, from NEXEA, a venture capital and startup accelerator firm, are as follows:
- Nakngaji – RM250,000
- Otter Barista – RM250,000
- Choladeck (Twodart) – RM100,000
- EasyRenz – RM50,000
- ALT Synergy – RM50,000
- Axtraction AI – RM50,000
Ben Lim, CEO and Founder of NEXEA, said: “Within NEXEA’s ecosystem, our commitment extends far beyond financial investments. We are deeply invested in the growth and success of the startups we support, offering not just funding but also invaluable mentorship from seasoned investors. Our accelerator programme acts as a bridge, connecting promising startups with investors and mentors who understand the challenges and opportunities of scaling businesses. At NEXEA, we believe in nurturing long-term relationships, ensuring that startups have the support and guidance they need not just for months but for years to come.”
The MYStartup Accelerator focuses on mentoring promising entrepreneurs with experienced and successful entrepreneurs. The programme received over 240 completed applications for its third cohort, of which 25 startups were onboarded last March. After four months of guidance, over 150 mentoring hours, and four masterclass sessions, ten (10) finalist startups were selected to showcase and pitch their innovative ideas to an audience of fellow entrepreneurs, mentors, investors, and the greater Malaysia startup community. These startups have undergone a rigorous business development process throughout the programme, with the previous cohort achieving a record-breaking 250% average annual revenue growth.
Syamil Yusoff, CEO and Co-Founder of Nakngaji, stated that the funding, networking opportunities, and mentorship gained through the programme are crucial to achieving the company’s next milestones. “Having bootstrapped our business over the past six years with an impressive average growth rate of 70% year-over-year, we now seek the resources to quintuple our year-over-year growth. The mentorship, in particular, is essential for maximising our business and financial metrics and ensuring that our growth remains on track. Throughout the program, we have been able to meticulously plan and execute both short-term and long-term business strategies, allowing us to identify gaps and opportunities for future growth.”
“We look forward to the MYStartup Market Access Programme as we aim to penetrate international markets for our service expansion. We hope to learn more from industry experts and leverage their insights and experiences to grow our business on a global scale successfully,” added Syamil.
Launched in 2022, the MYStartup Accelerator is a programme under the MYStartup initiative by the Ministry of Science, Technology and Innovation (MOSTI), powered by Cradle. The four-month programme aims to spur startup growth, introducing their products and/or services to the market and preparing them for further expansion.
To learn more about Malaysia’s Single Window to the startup ecosystem, visit www.mystartup.gov.my. Your gateway to opportunities and resources for startup success awaits.
