Malaysia’s startup ecosystem has witnessed substantial growth in recent years, establishing itself as a dynamic hub for innovation and entrepreneurship in Southeast Asia. As of 2024, the country is ranked 43rd globally and 3rd in Southeast Asia for startups, with over 17,400 startups operating across various sectors, including edutech, e-commerce, insurtech, AI, blockchain, fintech, robotics, foodtech, and agritech.
Kuala Lumpur, the nation’s capital, has been a focal point of this development, generating more than MYR 220 billion (US$47 billion) in ecosystem value from July 2021 to December 2023. This metric reflects the city’s economic impact through startup valuations and successful exits.
The Malaysian government has been instrumental in fostering this growth through strategic initiatives. In 2024, the Malaysia Venture Capital Roadmap (MVCR) was introduced to attract leading venture capitalists to the country. Programmes such as the VC Golden Pass, VC Launch Fund, and VC Academy aim to enhance funding avenues and nurture talent within the venture capital industry.
Additionally, the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030 outlines the nation’s ambition to rank among the top 20 global startup ecosystems by 2030. This plan focuses on creating a high-performing, inclusive, and sustainable environment for startups.
Regions like Penang have also emerged as significant contributors, attracting substantial foreign direct investment, particularly in the tech sector. In 2023, Penang secured US$12.8 billion in foreign direct investment, bolstering its position as a burgeoning startup hub.
Also Read: Malaysia remains steadfast in its entrepreneurial success
Collectively, these efforts underscore Malaysia’s commitment to nurturing a vibrant startup ecosystem, leveraging its strategic location, skilled workforce, and supportive government policies to drive innovation and economic growth.
In this feature, we have compiled a list of startups that have raised the largest funding rounds since January 2020:
Carsome
An app-based C2B marketplace for used cars. It collects vehicle-related data from individual sellers, sends its staff for inspection, holds auctions for dealers and delivers the cars to the buyers. Buyers can search for cars they want to buy & make an order via their platform.
Founding year: 2015
Total funding raised so far: US$808 million
Institutional investors: AmBank Group, 65 Equity Partners, SeaTown Holdings International, Qatar Investment Authority, Gobi Partners, Asia Partners, EvolutionX, PTT, MediaTek, Sunway Group, YTL, Taiwan Mobile, gokongwei.org, 500 Global, Catcha Group, Penjana Kapital, Emissary Capital, Burda Principal Investments, Ondine Capital, Daiwa PI Partners, Endeavor, Convergence Ventures, MUFG Innovation Partners, Innoven Capital, Lumia Capital, Vynn Capital, Indogen Capital, Spiral Ventures, 500 Durians, Idea River Run, Mavcap, Strategic Year, E&F Private Equity, Smile Group, Kolibra Capital, xto10x, JBV Capital, and AC Ventures.
BigPay
BigPay provides NFC-enabled prepaid cards for individuals in Malaysia. Users can top up their debit/credit cards. The app sends notifications about the transactions. Users can also send money to their friends in their contacts list. The app automatically categorises payments and allows the user to track expenses. The app is available for iOS and Android platforms.
Founding year: 2017
Total funding raised so far: US$100 million
Institutional investors: SK and RedBeat Ventures
SoCar
An app-based car rental platform, SoCar enables users to search, compare, and book car rentals after providing relevant details. Its features include a keyless/app-controlled lock system, complimentary parking passes and insurance, and online payments, among others. SoCar also offers door delivery and pick-up for rental services.
Founding year: 2017
Total funding raised so far: US$73 million
Institutional investors: EastBridge Partners, Sime Darby, Eugene, and KH Energy.
Aerodyne
It provides a SaaS and AI-based drone analytics platform. The data collected by drones is processed by AI-based proprietary software to offer actionable insights. Its nested drones return to automated stations for data download and autonomous recharging for subsequent missions.
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Founding year: 2014
Total funding raised so far: US$86 million
Institutional investors: PETRONAS, Kumpulan Wang Persaraan, Realtech Fund, KOBASHI HOLDINGS, Autonomous Control Systems Laboratory, North Summit Capital, ARC Ventures, Gobi Partners, Indorama Group Investments, 500 Global, Maples Group, Leave a Nest Capital, Leave a Nest, VentureTECH, InterVest, Kejora Capital, Drone Fund, Mavcap, Intres Capital Partners, and Plug and Play APAC.
Common Ground
Common Ground is a provider of managed co-working spaces. The platform provides users with fixed desks, flexible desks, shared working spaces, private offices, virtual offices, and more. It offers amenities including email services, WiFi, cleaning services, meeting rooms, events spaces, printing services, refreshments, and more.
Founding year: 2017
Total funding raised so far: US$71.5 million
Institutional investors: Catcha Group, Emissary Capital, Rice Bowl, Central Pattana, and VERITAS.
LottieFiles
An AI-powered animation creation platform, Lottieflies provides animation and design tools with preview, plugin, editor, and web player. It offers libraries and plugins for Web, iOS, Android, Flutter, React Native, Xamarin, NativeScript, Windows, Vue, Angular, QT, Skia, and Framer X. Lottieflies also provides a no-code testing platform for animations across web, iOS, and Android platforms.
Founding year: 2017
Total funding raised so far: US$47 million
Institutional investors: Webflow, Figma, XYZ Venture Capital, GreatPoint Ventures, M12,
500 Global, Automattic, Adobe, Square Peg Ventures, and 500 Durians.
Soft Space
Soft Space payment processing solutions to businesses. It provides payment gateways, white-label wallets, and POS terminals for accepting online or offline payments. The firm also facilitates fraud prevention, QR code payments, and e-wallet systems.
Founding year: 2012
Total funding raised so far: US$36.5 million
Institutional investors: GMO Financial Gate, Southern Capital, Transcosmos, JCB,
RHL Ventures, KB Investment, Hibiscus Fund, JCB, Sumitomo Mitsui Card, and Idea River Run.
Beldex
A Provider of a blockchain network ecosystem. The company offers zero-knowledge proofs to enhance the privacy, security, and scalability of DApps. It integrates EVM to build permissionless, private smart contracts and Web 3.0 applications.
Founding year: 2017
Total funding raised so far: US$28 million
Institutional investors: Block Alpha and DWF Labs.
CapBay
A provider of AI-based P2P marketplace for supply chain financing solutions in Malaysia. CapBay provides users with a platform connecting individual investors, businesses, and institutional investors for invoice financing. Users can obtain customized financing options by providing unpaid invoices as collateral.
Founding year: 2016
Total funding raised so far: US$27.5 million
Institutional investors: Kenanga, KK Fund, and Plug and Play APAC
Nutrition Technologies
A provider of insect-based products for agriculture and livestock. Nutrition develops its product using black soldier fly larvae and recycles nutrients from agricultural and food processing by-products. Its product offerings include insect-based organic fertilizers for agriculture, protein feed for livestock, and also oil.
Founding year: 2016
Total funding raised so far: US$34 million
Institutional investors: Bunge, PTT, Openspace Ventures, Hera Capital, Sumitomo, ING Bank, Mandala Capital, SEEDS Capital, Enterprise Singapore, Nullabor, Neptune, Alpha Founders Capital, and Primex Capital.
PolicyStreet
PolicyStreet is an insurtech platform that provides digital insurance solutions. It offers embedded insurance solutions, customized employee benefits, and financial advisory. PolicyStreet underwrites and develops insurance solutions.
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Founding year: 2016
Total funding raised so far: US$23.7 million
Institutional investors: Khazanah Nasional Berhad, Altara Ventures, Gobi Partners,
Spiral Ventures, KK Fund, Auspac, Cradle, pitchIN, Growth Charger, Taklamakan Holdings, and Vital Breeze.
StoreHub
Storehub is an iPad—and cloud-based POS system that helps users track customer data, give customers discounts based on buying patterns, generate reports, and more. It also helps store owners keep track of their inventory and generate reports to help with tax filings.
Founding year: 2013
Total funding raised so far: US$28.5 million
Institutional investors: 500 Global, Vertex Holdings, OSK Ventures International, Vertex Ventures, Accord Ventures, CSV, Fintonia Group, Temasek, 500 Durians, Cradle, and Majuven.
Pop Meals
Pop Meals is an internet-first restaurant offering on-demand food. Its food offerings include chicken pasta, fish curry, desserts, drinks and beverages, and more.
Founding year: 2015
Total funding raised so far: US$27.2 million
Institutional investors: Rakuten Capital, White Star Capital, JAFCO Asia, Partech Partners, Y Combinator, Atami Capital, UpHonest Capital, Texas Atlantic Capital, Apax, Econa, East Ventures, Asia Venture Group, Grupara Ventures, Ventech China, Golden Equator Capital, RISE, Barrco, Pine Hill Capital, InnoStart Capital, Korea Investment Holdings, DO Venture Partners, ennea capital partners, and Delivery Hero Ventures.
SleekFlow
SleekFlow is an omnichannel conversational AI suite for customer engagement in Malaysia. The platform allows users to create personalised customer journeys across messaging channels, including WhatsApp, Instagram, live chat, and more. It also helps manage communication workflows and customer conversations.
Founding year: 2019
Total funding raised so far: US$15 million
Institutional investors: Atinum Investment, Gobi Partners, AEF Greater Bay Area Fund,
Transcend Capital Partners, Goldman Sachs, Tiger Global Management, Transcend, Alibaba Entrepreneurs Fund, and Alibaba.
HealthMetrics
HealthMetrics is an employee healthcare benefits management platform that features process automation, dashboards, data analytics, personalised wellness programmes, employee mobile apps, and much more. It also provides early warning signs of health risks faced by employees.
Founding year: 2015
Total funding raised so far: US$14.8 million
Institutional investors: Gobi Partners, TIM, ACA Investments, RHL Ventures, CSV, Asean Innovation Capital, Spiral Ventures, Cradle, and Chrome Square.
Naluri
Naluri provides employee wellness programmes for physical and mental health. The company offers an evidence-based digital health solution that helps organisations predict, prevent, and manage the leading cardiometabolic and mental health conditions, including heart disease, diabetes, cancer, chronic stress, anxiety, depression, and pain. It also, offers consultation, performance coaching and training services.
Founding year: 2017
Total funding raised so far: US$14.86 million
Institutional investors: Pruksa, Bertelsmann, Striders, MVP, Palm Drive Capital, INP Capital, Integra Partners, Duopharma Biotech Berhad, Sumitomo, BioMark, KB Investment, RHL Ventures, Global Founders Capital, StartX, TH Capital, BioMark, 500 Durians, MedTech Innovator, Rhombuz, and Blue7.
LiveIn
LiveIn provides managed co-living spaces. The company offers furnished co-living spaces for young professionals & students with amenities such as WiFi, living rooms, cleaning services, refreshments, and more. LiveIn earns revenue through monthly plans.
Founding year: 2013
Total funding raised so far: US$13 million
Institutional investors: Korea Investment Holdings, Wavemaker Partners, Intervest, Malaysia Debt Ventures, Jungle Ventures, CAC Capital, Aucfan, KK Fund, Incubate Fund, Accord Ventures, Hoop Partners, Startia, and Cradle.
Food Market Hub
Food Market Hub is a cloud-based inventory management solutions provider for restaurants in Malaysia. It provides features for managing inventory, purchases, procurement, suppliers, food costs, food wastage, and more. It also generates real-time reports and sends automatic notifications via SMS and mail to suppliers and stakeholders. The application can be integrated with POS and accounting systems such as SQL Accounting, Quickbook, and Autocount.
Founding year: 2017
Total funding raised so far: US$12.5 million
Institutional investors: AC Ventures, East Ventures, 500 Global, Velocity Ventures, Capital Code, SIG Venture Capital, Go Ventures, ScaleUp Endeavor, MaGIC, K3 Ventures, Velocity Partners, 500 Durians, GLOBAL ACCELERATION ACADEMY, TINY LABS, Gv Hermes, My Rush, and Peng Min Investment Company.
Bateriku
An app-based platform for vehicle roadside assistance services. It provides services related to battery replacement and maintenance. It provides roadside assistance for breakdowns as well. it also offers a marketplace platform for car accessories. Its mobile application is available for Android and iOS platforms
Founding year: 2011
Total funding raised so far: US$9.5 million
Institutional investors: Kumpulan Wang Persaraan, Gobi Partners, VentureTECH, SBI Ventures Malaysia, and MTDC
iPrice
iPrice is an online price comparison platform for multi-category products. The product catalogue includes home improvements, baby products, fashion accessories, etc. Users can select their products and compare prices after which they are redirected to the respective site for buying. The company also claims to offer a platform for finding deals.
Also Read: How iPrice Group navigates the seven SEAs
Founding year: 2014
Total funding raised so far: US$26.6 million
Institutional investors: ITOCHU, KDDI Open Innovation Fund, Woowa Bros, JG Digital Equity Ventures, Daiwa PI Partners, AGCM, Mirae Asset Capital Markets, ACA Investments, Z Venture Capital, Naver, Cento Ventures, Venturra Capital, DMP 206, Asia Venture Group, Starstrike Ventures, Econa, Gobi Partners, Well Finance, F2 Capital, Spiral Ventures, 500 Durians, Pt Visual Investasi Teknologi and Alan, Koru Partners, Line Ventures, and Nova Investment.
Revenue Monster
Revenue Monster provides SaaS-based payment solutions for businesses. It features integration solutions for mobile-based payments, social media, and loyalty programs. The firm offers multiple products such as MyKad Recognition for AI-based KYC solutions, Face Recognition for customer identification & authentication, and Dynamic QR Code for offline tech solutions.
Founding year: 2017
Total funding raised so far: US$6.5 million
Institutional investor: The SEA Capital
pitchIN
PitchIn is a reward-based crowdfunding platform for creative projects in Malaysia. The projects that the platform focuses on include art & design, film & video, music, community, games, publishing and photography. It is a reward-based platform wherein the supporters are given a non-financial reward.
Founding year: 2015
Total funding raised so far: US$5.7 million
Institutional investors: MTDC, SuperSeed, Gobi Superseed II Fund, 1337 Nominee, and Vilor.
Biogenes Technologies
Biogenes develops technology in molecular diagnostics and genomics. It uses a bio-computational technique to design and optimize the binding between aptamers and target molecules in a 3D virtual environment, along with a range from DNA kits and buffers to diagnostic kits and nano-coated sensor strips. Biogenes also develops printed nano-coated sensors, immobilization of DNA probes and aptamers (synthetic antibodies), in-silico design, and validation of new aptamers, among others. Its products are electronic portable readers, aptamers, and printed sensors.
Founding year: 2015
Total funding raised so far: US$5.7 million
Institutional investors: Pembangunan Ekuiti, PlaTCOM Ventures, Cradle, MTDC, MOSTI, Bioeconomy Corporation, and Antler.
iStore iSend
iStore ISend provides fulfilment services and last-mile delivery services for e-commerce companies. It picks up products from the merchants, stores in the warehouses, packs the products as they receive the order, and ships products. The firm also provides last-mile delivery services handling COD payments.
Founding year: 2019
Total funding raised so far: US$5.5 million
Institutional investors: Yamato Transport, EasyParcel, Gobi Partners, Mavcap, and Global Brain.
MoneyMatch
MoneyMatch is a cross-border money transfer platform. It allows users to make cross-border money transfers via bank transfers. Users can place their order online or over a phone call. The minimum amount per transaction is RM500.00.
Founding year: 2015
Total funding raised so far: US$5.3 million
Institutional investors: Malaysia Debt Ventures, KAF Investment Bank, CSV, Cerana Capital, WatchTower & Friends, Tuas Capital Partner, and TH Capital.
ThoughtFull
ThoughtFull is a SaaS-based digital mental health solution for employees, individuals, and insurers in Malaysia. The company has developed a digital platform that allows organisations to assist employees with mental health management. The company provides mental health programs, therapy sessions, intervention programs, and educational content for users. The app-based platform can be used by insurers to provide health interventions.
Founding year: 2018
Total funding raised so far: US$4 million
Institutional investors: Sheares Healthcare, Vulpes Investment Management, The Hive Southeast Asia, Grab, ZALORA, Flybridge Capital Partners, Vulpes Ventures, Growing Well Partners, Citrine Capital, and Epic Angels.
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