Top Startups / June 13, 2021
Asaf Fybish

Asaf Fybish is a growth marketing professional. He likes all things organic, especially when it comes to growth. He's our Chief of Stash at StartupStash

Top Malaysian Startups to Watch in 2021

Malaysia may not be the first country that you think of when you consider countries with new and exciting startups. Despite this, the country was listed as the 11th most exciting up and coming startup ecosystem globally. Startups in the country managed to raise a significant amount of money in 2019, with the total reaching $226 Million. $99 Million of this funding was put into early-stage development.

When thinking about why Malaysia has such a rapidly growing startup ecosystem, there are a number of different factors that may be at play. For example, within the SEA region- the country has been known to have the highest number of digital items per person. The regulatory environment in the country has also improved to allow for a better chance of startup success in Malaysia. If you're interested in other countries, we also have other lists for top startups by nation.

1. CoinGecko

Year Founded: 2014

HQ: Singapore

Size: 11-50

Founder(s): Bobby Ong, TM Lee

CoinGecko is a cryptocurrency and fintech startup that was founded in 2014 and is currently based in Singapore, despite being started in Malaysia. The company provides a price comparison and data curation platform for multiple cryptocurrencies, which is used to help rank the best cryptocurrencies for users. In total, the company now serves more than 10 Million worldwide users.

Despite the fact that the company has not made any current efforts to attract startup funding, they have still been very active in making their own investments. In total, the company has invested in a total of nine different businesses since being founded in 2014.

2. Carsome

Year Founded: 2015

HQ: Petaling Jaya, Selangor, Malaysia

Size: 501-1000

Founder(s): Eric Cheng, Jiun Ee Teoh

Carsome is an automotive e-commerce startup that was founded in 2015 and is currently based Petaling Jaya, Selangor, Malaysia. The company specifically offers services where users can easily sell and buy used cars online. Users are able to sell them directly to dealerships and the company will handle the entire process of valuing the vehicle and facilitating the sale.

Carsome is one of the premier startups in Malaysia and as a result, the company has managed to attract a total of $107.4 Million in investment to further their growth and development. This investment was achieved from a group of 15 investors, which includes Asia Partners Fund Management.

3. Aerodyne

Year Founded: 2014

HQ: Petaling Jaya, Selangor, Malaysia

Size: 101-250

Founder(s): Kamarulazman Muhamed

Aerodyne is a drone management and SaaS startup that was founded in 2014 and is currently based in Petaling Kaya, Selangor, Malaysia. The company offers worldwide solutions for drone management and currently has operations in numerous countries across the globe. Their unique offering and success in achieving funding makes them one of the most exciting startups in Malaysia.

So far, Aerodyne has managed to attract a really great level of investment. In total, the company has managed to raise $30 Million to further fund their business. This was achieved from a total of nine investors and the company has also been active in making investments and acquisitions, with the company making two of each.

4. BigPay

Year Founded: 2017

HQ: Singapore

Size: 101-250

Founder(s): Christopher Davison, Navin Rajagopalan, Salim Dhanani, Tony Fernandes

BigPay is a Malaysian fintech startup that was founded in 2017 and is currently based in Singapore. The company provides solutions for making banking more convenient and generally better for customers, using the model of a challenger bank. This offering has made BigPay an example of a disruptive and innovative Malaysia startup.

So far, BigPay has managed to receive outside investment to further fund the development of their platform. The one investor that has decided to give money to the company is the Malaysian VC fund, RedBeat Ventures.

5. Boost

Year Founded: 2017

HQ: Kuala Lumpur, Malaysia

Size: 51-100

Founder(s): Mohd Khairil Abdullah

Boost is a fintech startup that was founded in 2017 and is currently headquartered in Kuala Lumpur, Malaysia. The company provides its customers with e-wallet solutions so that customers can make payments, take payments, and access other financial services. The advanced offering has turned Boost into an example of a really exciting Malaysia startup.

Boost has managed to attract a significant amount of startup funding since being founded in 2017, with the Malaysian startup having attracted $70 Million in startup funding to improve their platform. 

6. StoreHub

Year Founded: 2013

HQ: Petaling Jaya, Selangor, Malaysia

Size: 251-500

Founder(s): Congyu Li, Wai Hong Fong

StoreHub is a software startup that was founded in 2013 and is currently headquartered in Petaling Jaya, Selangor, Malaysia. The company provides advanced solutions to automate the operations of retail businesses, which has a direct impact on revenue and growing customer bases. This advanced and widespread utility offering has turned StoreHub into one of the most exciting startups in Malaysia as a whole.

So far, StoreHub has managed to attract a respectable amount of outside investment. The company has managed to raise a total of $15 Million to further the growth and development of their company. This investment was achieved from a group of seven investors.

7. Etherscan

Year Founded: 2015

Kuala Lumpur, Malaysia

Size: 1-10

Founder(s): Matthew Tan

Etherscan is a blockchain analytics startup that was founded in 2015 and is currently based in Kuala Lumpur, Malaysia. The company operates a block explorer and ananlytics platform that works exclusively for Ethereum. Users can use their platform to identify and monitor transactions on the Etherum blockchain.

Since being founded six years ago, Etherscan has managed to attract the eyes of a pair of investors. These investors have pledged funding to improve the growth and technology of the company. Digital Currency Group and Boost VC are the two companies that have pledged to Etherscan.

8. Pop Meals

Year Founded: 2015

HQ: Kuala Lumpur, Malaysia

Size: 101-250

Founder(s): Christian Edelmann, Jessica Li, Jonathan Weins

Pop Meals is a food technology startup that was founded in 2-15 and is currently based in Kuala Lumpur, Malaysia. The company's food delivery service is powered by artificial intelligence to automate parts of the logistical and food production processes. This offering makes Pop Meals a great example of an exciting Malaysian startup.

So far, Pop Meals has managed to raise a significant amount of startup funding to grow their business, with $27 Million being raised in total from a group of 21 investors. The company also made a move in the acquisitions market, taking over Taiwanese meal delivery company, Polpa, in 2018.

9. EasyParcel

Year Founded: 2014

HQ: Penang, Pulau Pingang, Malaysia

Size: 11-50

Founder(s): Clarence Leong

EasyParcel is an e-commerce and delivery startup that was founded in 2014 and is currently headquartered in Penang, Pulau Pingang, Malaysia. The company provides a platform where customers can make online bookings for their deliveries, making the whole process of getting a parcel much easier and more convenient.

EasyParcel has managed to gain a good amount of outside funding to further develop and grow their company. So far, the company has managed to raise a total of $10.6 Million from a quartet of investors. This investment and the backing of the companies investing in them shows EasyParcel as an example of a successful Malaysia startup.

10. SOCAR

Year Founded: 2017

HQ: Kuala Lumpur, Malaysia

Size: 101-250

Founder(s): Leon Sing Foong

SOCAR is a ride-sharing startup that was founded in 2017 and is currently based in Kuala Lumpur, Malaysia. By using their solution, customers are able to book and rent vehicles to go for trips or do anything else that comes to mind.

Despite the fact that there are similar startups in the country, SOCAR has clearly managed to differentiate itself from its investors. So far, the company has managed to attract $18 Million in outside investment from a pair of investors, with the Malaysian startup working with Eugene Private Equity and KH Energy.

11. myTukar

Year Founded: 2017

HQ: Selangor, Malaysia

Size: 51-100

Founder(s): Fong Hong Sum, Jeffrey Tan

MyTukar is an online automotive startup that was founded in 2017 and is currently headquartered in Selangor, Malaysia. The company offers a bidding site where users can bid for vehicles, which takes the hassle out of car ownership by digitizing and speeding up the process. This makes myTukar one of the most convenient Malaysian startups currently on the market.

The company had previously not taken any outside investment, until striking a deal with Carro in 2019 that netted the company a total of $30.9 Million in startup funding. This funding has led to the company rapidly growing and turning into a force in Malaysia.

12. iPrice

Year Founded: 2014

HQ: Kuala Lumpur, Malaysia

Size: 51-100

Founder(s): David Chmelar, Heinrich Wendel

iPrice is an e-commerce and shopping startup that was founded in 2014 and is currently headquartered in Kuala Lumpur, Malaysia. Their system allows customers to find the best deals on a range of different products from world-leading brands. This helps customers to make the right choices when making purchases, without compromising on product quality.

So far, the offering of iPrice has attracted a huge amount of attention from investors. To date, the company has managed to attract investment from 20 investors, which totaled a cumulative sum of $21.3 Million. This makes iPrice one of the most heavily invested startups in Malaysia as a whole.

13. LottieFiles

Year Founded: 2017

HQ: Kuala Lumpur, Malaysia

Size: 11-50

Founder(s): Kshitij Minglani, Nattu Adnan, Shafiu Hussain

LottieFiles is an animation, graphic, and web design startup that was founded in 2017 and is currently based in Kuala Lumpur, Malaysia. The company offers a mobile product that allows designers to collaborate on micro animations, including testing and reviewing.

LottieFiles provides a unique offering and investors have agreed with this assessment. This is evidenced by the fact that the company has managed to raise $9 Million from a trio of investors to further the growth and development of the business.

14. Curlec

Year Founded: 2018

HQ: Kuala Lumpur, Malaysia

Size: 11-50

Founder(s): Steve Kucia, Zac Liew

Curlec is a Malaysian fintech startup that was founded in 2018 and is currently based in Kuala Lumper. Their offering makes direct debit payments digital, which in turn makes them more convenient and accessible for Malaysian businesses and consumers. Their automation also makes the process much quicker, which cements the company's status as a high-value Malaysia startup.

Curlec's offering has managed to put the company on the watchlist for investors, with two having already taken the plunge- backing Curlec. The two investors to put their faith in Curlec were Captii Ventures and 500 Startups.

15. Naluri Life

Year Founded: 2017

HQ: Kuala Lumpur, Malaysia

Size: 51-100

Founder(s): Azran Osman-Rani, Hariyati Abdul Majid, Jeremy Ting

Naluri Life is an AI healthcare startup that was founded in 2017 and is currently based in Kuala Lumpur, Malaysia. The company provides improved mental and physical health screening to ensure that patients always get the right level of support and care that they require. The data has supported this, showing that patients influenced by Naluri Life had improved care outcomes.

The company has proven the value of its offering to investors, with the company convincing 13 investors to part with their money. In total, the collective funding from these investments netted the company $7.8 Million to further the development of their platform and their business.

16. PolicyStreet

Year Founded: 2016

HQ: Kuala Lumpur, Malaysia

Size: 11-50

Founder(s): Wilson Beh, Winnie Chua, Yeng Ming Lee

PolicyStreet is an insurance startup that was founded in 2016 and is currently operating out of Kuala Lumpur, Malaysia. The company operates an online platform where customers can purchase insurance products directly from them- with the company focusing on the younger generations as a target market.

PolicyStreet has already found some success with investors in Malaysia, with the company successfully raising a total of $3.6 Million from a quartet of investors. This money has allowed the company to continue growing into one of the most interesting startups in Malaysia.

17. BookDoc

Year Founded: 2015

HQ: Selangor, Malaysia

Size: 11-50

Founder(s): Dato' Chevy Beh, Joel Neoh Eu-Jin

BookDoc is a healthcare startup that was founded in 2015 and is currently headquartered in Selangor, Malaysia. The company provides a solution to improve patient access to healthcare by speeding up the diagnostic process. This means that patients will be treated much more quickly and they will also achieve better care as a result of this.

BookDoc has already received some notable attention from investors, with nine investors pledging a collective $2 Million into the Malaysian healthcare startup. All of the investors in this company were angel investors, as opposed to venture capital firms.

18. Dropee

Year Founded: 2017

HQ: Kuala Lumpur, Mayalsia

Size: 11-50

Founder(s): Aizat Rahim, Lennise Ng

Dropee is a B2B software startup that was founded in 2017 and is currently based in Kuala Lumpur, Malaysia. The company's system allows local retailers to get access to a variety of huge brands in South East Asia. To place orders with these brands, retailers are able to use their app- ensuring rapid ordering and rapid delivery for these retailers.

Investors have so far flocked to the company, with Dropee receiving funding from a group of ten investors, with even Y Combinator pledging some funding to the Dropee. In total, the company has managed to raise $1.9 Million in the four years that they have been operating.

19. Katsana

Year Founded: 2013

HQ: Kuala Lumpur, Malaysia

Size: 11-50

Founder(s): Mohd Irwan Ibrahim, Syed Ahmad Fuqaha Sd Agil

Katsana is an automotive data startup that was founded in 2013 and is currently headquartered in Kuala Lumpur, Malaysia. The company provides a range of different services for fleet management and vehicle data, which include usage-based insurance functions, cars connected with the IoT, and the use of telematics data to inform choices.

So far, the company has achieved some success in attracting outside investment. To further the growth and development of the business, the Axiata Digital Innovation Fund poured $1.1 Million into the business across four rounds of funding. 

20. ServisHero

Year Founded: 2015

HQ: Kuala Lumpur, Malaysia

Size: 11-50

Founder(s): Adam Burmister, Jason Kang, Karl Loo, Nicole Sia, Paul Copplestone

ServisHero is a consumer software startup that was founded in 2015 and is currently headquartered in Kuala Lumpur, Malaysia. The company provides a platform for users to connect with local services providers so that they can compare costs and get the best deals on their services. Community reviews also ensure that any providers on the platform are actually good at what they do.

ServisHero has managed to raise an impressive amount of funding from a trio of investors which includes the UK-based [email protected] In total, since being founded six years ago, the company has managed to raise $2.7 Million in startup funding across two rounds. 

21. Jirnexu

Year Founded: 2012

HQ: Kuala Lumpur, Malaysia

Size: 101-250

Founder(s): Cedric Viver, Hann Liew, James Barnes, James Wong, Lucas Ooi, Yuen Tuck Siew

Jirnexu is a software startup that was founded in 2012 and is currently headquartered in Kuala Lumpur, Malaysia. The company provides full solution tools and suites for companies in the insurance and financial sectors to generate leads online through the use of mobile technology. Customers can use the company's financial comparison tools to ensure that they are also getting the best deal.

Jirnexu has seemingly wowed investors since being founded nearly a decade ago, with the company having raised a total of $37 Million from a group of 14 investors. The main investor behind this drive is in fact the global credit checking and data agency, Experian.

Top Malaysian Startups to Watch...
Asaf Fybish

Asaf Fybish is a growth marketing professional. He likes all things organic, especially when it comes to growth. He's our Chief of Stash at StartupStash

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