MORE FROM KrASIA

Gobi Partners and MDEC join forces to support local Malaysian startups

Winning startups of the SuperSeed II Championship will receive fresh capital and join entrepreneurship programs at Alibaba Business School and Sunway Group.

Shutterstock M Size 2

Gobi Partners has teamed up with Malaysia Digital Economy Corporation (MDEC) to launch a pitching competition for Malaysian startups called SuperSeed II Championship, as an effort to support the country’s economy and local startups during the COVID-19 pandemic.

Selected startups will have a chance to receive investment from Malaysia SuperSeed Fund II and have the opportunity to become MDEC grant recipients. Funding of up to MYR 15 million (USD 3.4 million) will be available for the winning startups, according to an official statement.

Moreover, the winners will have the chance to attend an entrepreneurship program organized by Alibaba Business School that will be held in Hangzhou in 2021. During the event, they will get first-hand exposure to e-commerce and digital innovations, as well as access to connect with business leaders across Alibaba and China, and with other entrepreneurs in the region.

The top three finalists will also have the chance to enter Sunway Group’s iLabs Accelerator program, that it holds in collaboration with Gobi Partners. The program will begin in September this year.

“Great adversity forges great entrepreneurs,” said Thomas G. Tsao, chairman and founding partner of Gobi Partners, in a statement. “For those who believe in their dreams and have the mettle to succeed, entering this competition could change your life.”

The SuperSeed Fund II is a joint fund between Gobi, Malaysian VC firm MAVCAP, and local conglomerate Sunway. The Fund will invest in 20 to 25 startups with an average ticket size of between MYR 1.5 million (USD 344,986) to MYR 2 million (USD 459,981).

Read this: Startup competitions in Singapore and Southeast Asia in 2020

The SuperSeed II Championship is looking for startups that are incorporated in Malaysia, have Malaysian founders, or stakeholders. The companies should have substantial operations or solid plans to expand in the country. Key verticals that will be considered for the competition are retail and enterprise (AI, B2B, B2C, Big Data, e-commerce, and logistics), fintech, smart cities and the circular economy, as well as TaqwaTech, services and products for Muslim communities.

The program is accepting applicants until June 16. The preliminary round is scheduled to take place at the end of June, while the qualifying and final round is set to be held in July and August.