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Corporate Accelerator & NEXEA Invest RM1 Million in Five Tech Startups

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NEXEA and Corporate Accelerator 2021 have announced the selection of five tech startups as finalists for their Corporate Accelerator programme with a total funding of RM1,050,000.

Previous cohorts of the Corporate Accelerator programme have produced startups that are growing 2x to 3x on a yearly basis and an exit of 6x. The fastest growing tech startup from the Accelerator is currently at 100x the initial investment, within a time span of under four years.

The Corporate Accelerator programme, formerly known as the Multi-Corporate Accelerator programme, is a leading accelerator programme in Malaysia that helps early startups to achieve success by leveraging on the best investors, corporates and support partners in Malaysia. The accelerator programme is organised by NEXEA, Malaysian Global Innovation and Creativity Center (MaGIC), Malaysian Business Angel Network (MBAN), AWS Activate, MDEC and Cyberview.

“The competition among startups has doubled this year along with the number of applicants, and I am pleased to see that the quality of tech startups has also increased tremendously. We hope to keep finding potential tech giants years to come”, said Ben Lim, managing partner of NEXEA.

ben lim corporate accelerator nexea startups
Ben Lim, managing partner of NEXEA

Funding by the Corporate Accelerator programme ranges between RM50,000 to RM250,000 depending on the stage of the startup. Following the programme, there will be follow-up funding of up to RM1,000,000 per startup per round of investment.

The five startups were selected from a pool of over 1,100 applicants who applied to be part of the Corporate Accelerator programme. These startups will be provided mentorship, investments, corporate support, and up to RM2,000,000 in additional benefits-in-kind.

The top 5 Startups that were selected as finalists this year are:

  1. Entrusol is a firm that creates one-of-a-kind, high-quality health goods that will improve their customers’ lives
  2. Running Man is a food delivery company focusing on popular food
  3. Payex Venture is an online payment gateway that offers online money collection services to freelancers, Facebook Live and Instagram sellers.
  4. Riipay is a consumer-centric buy now pay later platform that exists to transform the way shoppers pay for their purchases by offering simple and convenient payment methods.
  5. TalentCloud.Ai is a technology firm that develops software for human resource management and business management for companies of all sizes.

Startups looking for support from experienced mentors, corporates, and ecosystem players are encouraged to find out more at https://corporateaccelerator.org/ for the next round of the programme expected to be launched by Q1 2022.

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