The Malaysia Digital Economy Corporation (MDEC), in collaboration with Proficeo Scaleup Malaysia, announced the successful conclusion of Founders Grindstone: VC Readiness Programme (VCRP).
VCRP is a 12-week transformative program that aims to build digital entrepreneurs’ capacities, skills, and insights in the difficult fundraising process, as well as to address crucial gaps in venture capital (VC) investing. It acts as a platform for bridging knowledge gaps and creating a more conducive atmosphere for obtaining venture capital in today’s difficult investment landscape. The programme was launched in May 2023.
“In a significant stride towards fostering innovation, investment readiness and sustainable growth within Malaysia’s startup ecosystem, the Founders Grindstone: VC Readiness Programme demonstrates MDEC’s Digital Economy commitment to nurturing the tech startup ecosystem in Malaysia. With the Malaysia Digital (MD) national strategic initiative and its PEMANGKIN programmes, we aim to generate significant economic spill-over and foster exceptional growth, reshaping the way we work and live in Malaysia,” said Ts. Mahadhir Aziz, Chief Executive Officer of MDEC.
Out of 20 startups shortlisted by MDEC and Proficeo, 10 startups were chosen to embark on VCRP to refine their strategies and lay the groundwork for early-stage venture investments. The participating companies are Bio Inteltech Sdn Bhd, Capsphere, Cult Creative, Matrix Ideal Sdn Bhd (Evolet), Secondlifeasia Technology Sdn Bhd, Shoraka Suyula Platform Sdn Bhd, Synxsoft Sdn Bhd, TRYKE Transportation, Leasy App, and Wahine Capital Sdn Bhd.
Throughout the programme, each participating startup was provided with one-on-one interaction sessions with analysts and partners from ScaleUp Malaysia, focusing on fixing key gaps for investment readiness such as the Product and Business Model scalability, and pitch deck storytelling. Another highlight of the programme was networking sessions, serving as a platform for founders to share and exchange their knowledge and experiences in the fundraising journey. At the conclusion of the program coinciding with Malaysia Digital Expo 2023 (MDX2023), the ten VCRP ‘graduate’ startups showcased their progress, insights and preparedness for investment at demo day on 16th October 2023.
MDX2023 is a six-week-long empowerment platform from 25 September to 8 November 2023 that brings together the very best of Malaysia’s digital economy on a massive ‘Show and Tell’ extravaganza.