They must have a viable business plan to convince people to take a chance on them and the right product or service to sell.
Altogether it is not an easy venture, but four Malaysian companies have shown that they have what it takes.
The four – Applecrumby, LiveIn, Paywatch and iMotorbike – have made it to Forbes Asia 100 to Watch 2024 list.
The list, which will appear in the September 2024 issue of Forbes magazine, showcases companies in the Asia-Pacific that have grabbed investors’ attention and, more importantly, made them open their chequebooks.
Of the four Malaysian companies on the list, two – Applecrumby and iMotorbike – are in e-commerce and retail.
LiveIn focuses on food and hospitality while Paywatch provides financial services.
Collectively, the four companies have already raised a total of US$47.7 million (RM207.4 million) over several funding rounds.
According to the Forbes article, Applecrumby was founded in 2015 by husband-and-wife team Sean and Jesmine Tan to sell baby products.
It markets items such as chlorine-free diapers and wipes through TikTok Shop and Shopee.
In March, the venture capital (VC) firm 500 Global invested US$4.2 million (RM18.2 million) in the company.
iMotorbike, which is also in e-commerce and retail, was set up in 2016 as an online platform to buy and sell motorcycles in Malaysia and Vietnam.
It managed to raise US$2.6 million (RM11.3 million) in June last year through a Series A funding round led by Gobi Partners and Ondine Capital of Shanghai.
It also counts Malaysia’s state-run Penjana Kapital as well as Seedstars and Goodwater Capital of the US as investors.
iMotorbike was founded in 2016 and is currently led by founder Gil Carmo as CEO.
Paywatch offers an app that enables employees to view in real-time their earnings based on how many hours they have put in.
Users can also withdraw money through the app.
For employers, it is a set of human resource tools to track hours worked and to assign tasks to employees.
Paywatch has raised a total of US$30 million (RM130.5 million) in a Series A funding round led by VC firm Third Prime.
Of the sum, US$14 million (RM60.9 million) is in equity and US$16 million (RM69.6 million) in loans.
The company was founded in 2020 by brothers Richard and Alex Kim, who now also serve as co-CEOs.
LiveIn helps young professionals find an affordable place to live in across Southeast Asia by helping landlords sublet and manage rooms in their properties.
Apart from Malaysia, it also covers Vietnam, Thailand and Indonesia.
In December last year, the company raised US$8.3 million (RM36.1 million) in a Pre-Series B funding round led by Wavemaker Partners and InterVest.
Malaysia Debt Ventures, Jungle Ventures and CAC Capital are the other investors.
In a second round of funding, Korea Investment Partners added another US$2.6 million (RM11.3 million) into the venture.
The company was founded in 2015 by Keek Wen Khai who also serves as the CEO.
Of the 100 companies on the list, 20 are from India while Singapore is in second place with 15 companies.
Rounding off the top five are China with 10 companies, Japan with nine and Indonesia with eight.
Stay current - Follow FMT on WhatsApp, Google news and Telegram