Top Malaysian Startups That Bloomed in 2023
We also recently published our list of the Top Malaysian Startups To Watch in 2024.
Malaysia is one of the most beautiful countries in the world, situated in the scenic area of South East Asia. The country is also one of the strongest startup ecosystems in the area, being ranked 3rd overall. With this in mind, it should be no surprise that there are so many successful Malaysian startups. There are a number of reasons why the country is able to create top startups.
One of the biggest reasons for the increase in success of the ecosystem is the increased presence of VC funding in the country. In the first quarter of 2022, the country’s startups raised $319 Million, which is more than half of the total amount raised for the whole year of 2021.
The Malaysian government is also trying to contribute to the success of startups in the country through their own initiatives. For example, the CIP SPARK grants give funding and support to technology startups with grants of up to 150,000 MYR to commercialise their ideas and make them a reality.
We also recently published our list of the Top Malaysian Startups To Watch in 2024.
1. pitchIN
Year Founded: 2012
HQ: Kuala Lumpur, Malaysia
Size: 1–10
Founders: Kashminder Singh, Sam Shafie
pitchIN is a Malaysian startup that was founded in 2012 and is currently based in Kuala Lumpur. The company operates in the crowdfunding market and has created the premium platform for fundraising in the country. Their fundraisers generally perform better than those on rival platforms locally and the business is helping to make the world a better place by funding good causes.
The business has been very active in receiving and making investments since being founded, with the company raising a total of 5.5 Million MYR from four investors. The company has also made seven investments of its own.
2. Epost Plus
Year Founded: 2019
HQ: Puchong, Malaysia
Size: 51–100
Founders: Mandy Chan, Tobin Ng
Epost Plus is a Malaysian startup that was founded in 2019 and is currently based in Puchong, Malaysia. The company operates in the logistics market and has developed an all-in-one WMS and OM88S solutions for a wide variety of business needs in relation to operations.
Since being founded, the company has gone through a number of funding rounds, with a total raise of $2.3 Million from two investors.
3. TheLorry
Year Founded: 2014
HQ: Selangor, Malaysia
Size: 11–50
Founders: Nadhir Ashafiq
TheLorry is a Malaysian startup that was founded in 2014 and is currently based in Selangor. The company operates in the logistics market and has created a platform that allows users to easily book a lorry for their own use within a matter of minutes. This takes the complications and time wasted out of the process of boo
Since being founded, the company has gone through a number of startup funding rounds. The most recent of these funding rounds took place in April 2022 when the company raised 500,000 MYR. Overall, the business has raised a total of $7.5 Millionfrom eight investors.
4. Socar Malaysia
Year Founded: 2017
HQ: Kuala Lumpur, Malaysia
Size: 101–250
Founders: Leon Sing Foong
Socar Malaysia is a Malaysian startup that was founded in 2017 and is currently based in Kuala Lumpur. The company operates in the transport sector and has created a platform that allows people in the country to easily ride-share, allowing people to drive when and how they need to, without needing to consistently keep their own vehicle for travel.
Socar is one of the most well-funded startups in Malaysia, with the company raising a total figure of $73.2 Million from four investors. The highlights the strong belief that investors have in the company’s business model.
5. Naluri Life
Year Founded: 2017
HQ: Kuala Lumpur, Malaysia
Size: 51–100
Founders: Azran Osman-Rani, Hariyati Abdul Majid, Jeremy Ting
Naluri Life is a Malaysian startup that was founded in 2017 and is currently based in Kuala Lumpur. The company operates in the healthcare sector and has created an AI-powered digital health solution that helps patients to easily get access to the quality care that they need for both their physical and their mental health.
The business has secured an impressive amount of startup funding since being founded, with the startup raising a figure of $14.8 Million from seventeen investors, with its most recent round being a Series B in June 2022.
6. Respond.Io
Year Founded: 2017
HQ: Kuala Lumpur, Malaysia
Size: 101–250
Founders: Gerardo Salandra
Respond.Io is a Malaysian startup that was founded in 2017 and is currently based in Kuala Lumpur. The company works in the marketing sector and has created a conversational platform to help businesses to extend their marketing and sales initiatives and works with more than 10,000 companies across the world.
The business has been through a number of funding rounds since being founded, with the startup raising a total of $8.8 Million from six investors. The most recent of these funding rounds took place in September 2022 as a Series A when it raised a figure of $7 Million.
7. PayWatch
Year Founded: 2018
HQ: Kuala Lumpur, Malaysia
Size: 11–50
Founders: Alex Kim, Richard Kim
PayWatch is a startup in Malaysia that was founded in 2018 and is currently based in Kuala Lumpur, Malaysia. The company operates in the FinTech market and has created an online platform that allows employees to get earlier access to the wages that they have earned, which can help them to pay in financial emergencies.
The business has secured a large amount of startup funding since being founded, with a total of $14.2 Million being raised from eight investors. The company’s last funding round took place in February 2023.
8. myTukar.com
Year Founded: 2017
HQ: Selangor, Malaysia
Size: 51–100
Founders: Fong Hon Sum, Jeffrey Tan
myTukar.com is a Malaysian startup that was founded in 2017 and is currently based in Selangor. The company has developed the most used and well-trusted platform for buying and selling motor vehicles. The company eliminates the complexities and haggling involved in this process.
The business has gone through a number of funding rounds since being founded, with the most recent being a Corporate Round in September 2019 when it raised $30 Million. Overall, the company has raised $30.9 Million from a single investor.
9. Teleport
Year Founded: 2019
HQ: Selangor, Malaysia
Size: 101–250
Founders: Peter Chareonwongsak
Teleport is a Malaysian startup that was founded in 2019 and is currently based in Selangor, Malaysia. The company operates in the e-commerce market and makes it easier for businesses to move goods and fulfil e-commerce orders across the whole of South East Asia.
The business has been through a number of funding rounds since being founded, with the company raising a total of 220 Million MYR. The company has also completed an acquisition and made an investment of its own.
10. Mr. Bur
Year Founded: 2021
HQ: Penang, Malaysia
Size: 11–50
Founders: Sean Yau
Mr. Bur is a Malaysian startup that was founded in 2021 and is based in Penang, Malaysia. The company operates in the dental industry and serves to create innovative dental bur solutions to create a better care experience for patients and to deal with them more quickly and efficiently.
The company has gone through a number of funding rounds since it was founded, with the most recent being a round in September 2022 when the company raised $2.5 Million. Overall, the business has raised a figure of $4.8 Million from an unknown number of investors.
11. Torum
Year Founded: 2018
HQ: Kuala Lumpur, Malaysia
Size: 51–100
Founders: Ah Go, Alwin Chang, Jayson Tan
Torum is a Malaysian startup that was founded in 2018 and is currently based in Kuala Lumpur. The company operates in the blockchain market and has developed a web3 SocialFi application that offers an NFT marketplace, yield farming capabilities and avatar NFTs for metaverse use.
The company has been through a number of funding rounds since being founded, with the most recent being a round in November 2021. Overall, the company has managed to raise a figure of $2.1 Million from eighteen investors.
12. Payd
Year Founded: 2020
HQ: Kuala Lumpur, Malaysia
Size: 11–50
Founders: Darvesh Dashwani, Justin Kong
Payd is a Malaysian startup that was founded in 2020 and is currently based in Kuala Lumpur. The company operates in the FinTech market and has created a solution that allows people all across the country to become involved in the financial ecosystem, including individuals who previously would have been excluded from working within the ecosystem.
Since being founded the business has gone through a pair of funding rounds, with the most recent taking place in April 2022 when the startup raised $1.7 Million in Seed Funding from five investors. Overall, the business has raised $1.8 Million from five investors.
13. iPrice
Year Founded: 2014
HQ: Kuala Lumpur, Malaysia
Size: 51–100
Founders: David Chmelar, Heinrich Wendel
iPrice is a Malaysian startup that was founded in 2014 and is based in Kuala Lumpur. The company operates in the e-commerce market and has created a website where people across the country can get access to a range of items from hundreds of brands across South East Asia.
The business has gone through a number of funding rounds since being founded, with nine in total. From these funding rounds, the business has managed to raise a total of $21.25 Million from twenty investors.
14. Ouch
Year Founded: 2019
HQ: Kuala Lumpur, Malaysia
Size: 1–10
Founders: Shazy Noorazman
Ouch is a startup in Malaysia that was founded in 2019 and is currently based in Kuala Lumpur. The company works in the insurance market and makes it easier for individuals and businesses to get access to the insurance products that they need. Insurance can be incredibly complex, but with Ouch, it doesn’t have to be.
The business has gone through a number of funding rounds since being founded, with the most recent taking place in January 2023. In terms of reported funding, the startup has raised a figure of 1.5 Million MYR from a pair of investors.
15. Flower Chimp
Year Founded: 2016
HQ: Kuala Lumpur, Malaysia
Size: 101–250
Founders: Maximilian Lotz, Niklas Frassa
Flower Chimp is a Malaysian startup that was founded in 2016 and is currently based in Kuala Lumpur. The company works in the e-commerce market and provides Malaysians with a range of flowers for a number of different occasions. These flowers can then be delivered around the country quickly to reach the customer.
The business has gone through a number of funding rounds since being founded, with the startup raising a total of 106 Million MYR from six investors. The business has also completed the acquisition of another startup in that time.
16. Soft Space
Year Founded: 2012
HQ: Petaling Jaya, Malaysia
Size: 11–50
Founders: Chang Chew Soon
Soft Space is a Malaysian startup that was founded in 2012 and is currently based in Petaling Jaya. The company works in the FinTech market and provides payment solutions for mobile across the country, working with more than 13 banks across Asia, including in New Zealand and Australia.
The business has gone through a number of funding rounds since being founded, with the startup raising a total of $11 Million from three investors. The startup has also completed the acquisition of another startup in that time.
17. Pop Meals
Year Founded: 2015
HQ: Kuala Lumpur, Malaysia
Size: 101–250
Founders: Christian Edelmann, Jessica Li, Jonathan Weins
Pop Meals is a Malaysian startup that was founded in 2015 and is currently based in Kuala Lumpur. The company works in the logistics market for food and combines large scale production with artificial intelligence to improve last mile logistics, which creates a cheaper and more efficient way of working.
The business has secured a large amount of startup funding since being founded, with the total raised reaching $27 Million from twenty-one investors at the time of writing. It is unclear whether the business will be seeking further funding in the immediate future.
18. CapBay
Year Founded: 2016
HQ: Selangor, Mayalsia
Size: 51–100
Founders: Ang Xing Xian, Darrel Ang, Dion Tan, Edwin Tan
CapBay is a Malaysian startup that was founded in 2016 and is currently based in Selangor, Malaysia. The company operates in the FinTech market and has created a peer-to-peer platform for the financing of supply chain operations. This allows businesses to get access to institutional funding in a much easier manner.
The business has been through a number of funding rounds since being founded, with the total raised reaching $27.6 Million at the time of writing, achieved with the help of a pair of investors.
19. Aerodyne Group
Year Founded: 2014
HQ: Petaling Jaya, Malaysia
Size: 101–250
Founders: Kamarulazman Muhamed
Aerodyne Group is a Malaysian startup that was founded in 2014 and is currently based in Petaling Jaya. The company makes use of drone technology and artificial intelligence in order to supply a range of drone-based managed solutions for its customers, which have a wide variety of use-cases.
Since being founded, the business has been through three rounds of startup funding, with the total amount raised reaching $30 Million from nine investors. It is currently unclear whether the business will seek further funding in the near future.
20. Lapasar.com
Year Founded: 2016
HQ: Sunghai Buloh, Malaysia
Size: 11–50
Founders: Lakshman Das, Thinesh Kumar
Lapasar.com is a Malaysian startup that was founded in 2016 and is currently based in Sunghai Buloh, Malaysia. The company operates in the logistics market and has created an online platform for supply chain management, to help businesses to increase their efficiency and ultimately, their profit margins.
The business has been through a number of funding rounds since being founded, with the company raising a total of $2.5 Million from six investors. It is currently unclear if the company will seek further funding in the immediate future.
21. BioGenes Technologies
Year Founded: 2015
HQ: Kajang, Malaysia
Size: 1–10
Founders: Tang Kok Mun
BioGenes Technologies is a startup in Malaysia that was founded in 2015 and is currently based in Kajang, Malaysia. The company operates in the healthcare field and is behind the development and creation of point of care genetic testing to help with the rapid and effective screening of multiple diseases.
The business has been through a number of funding rounds since being founded, with the total raised reaching a figure of $7.1 Million at the time of writing, with the support of three investors.
FAQs
How Many Startups Are There in Malaysia?
Official estimates are that there are more than 3000 startups in Malaysia.
What is the Average Investment in Malaysian Startups?
The average Seed Round in Malaysia is worth $215,000 and the average Series A is worth $3.3 Million.
What Startup Industries Are The Strongest in Malaysia?
The strongest startup industries in Malaysia are E-Commerce, FoodTech and Transportation.
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