MDEC renews collaboration with NEXEA, total funding of RM33mil despite pandemic – Entrepreneurs Programme
The Entrepreneurs Programme by NEXEA is one of Malaysia’s exclusive peer-to-peer networks for startup founders. Created by entrepreneurs themselves, the startup founder network group is a platform for tech entrepreneurs to form connections with peers and like-minded individuals in efforts to grow, learn and build themselves for success. Having started in May last year with the ﬁrst group of 20 startups, the Entrepreneurs Programme now consists of 56 startup founders across four groups.
Since collaborating with NEXEA on the launch of the Entrepreneurs Programme, MDEC has collaborated with NEXEA to support over 32 startups from the ﬁrst two groups of the programme. This month, MDEC will be renewing the collaboration into the programme for six months. This is their second renewal of their collaboration with NEXEA. Despite the Covid-19 pandemic, ten of the startups have successfully raised over RM33mil in the mere span of six to eight months. This is with the guidance of the Entrepreneurs Programme that prepared the startup founders on raising funds in a pandemic.
With help of the Entrepreneurs Programme, despite trying times, Founder and CEO of Lapasar, a B2B wholesale-tech company, Thinesh Kumar raised RM7.5mil. He mentioned that “Lapasar had to pivot during the ﬁrst lockdown and through that pivot, we saw growth which meant we needed to raise capital. When I was on the search for potential investors, the Entrepreneurs Programme helped me see and explore other opportunities to raise capital which changed our strategy. We ended up raising the capital in May 2021 and Lapasar is on a growth trajectory like never before. Every challenge that has come my way, I have approached it in 10 different ways since the Entrepreneurs Programme. The Entrepreneurs Programme helps me look at problems and opportunities on a much larger spectrum”.
Another founder with a similar story is Zi Wei from ZCOVA, an online diamond trading company, “You don’t have to go through times of uncertainty alone” is his one liner on how the programme has helped him during the pandemic. “I personally feel that the Entrepreneurs Programme has provided me with the resources to navigate this trying time more eficiently and conﬁdently. In terms of fundraising, with the support of other members we can see our weak points and our disadvantages before we go for fundraising. We are able to ﬁx all this issue and validate our business along the way. This gives ZCOVA a lot of conﬁdence in raising money” he adds.
“MDEC is committed and endeavours to enable and catalyse growth of startups in Malaysia and the NEXEA Entrepreneurs Programme certainly resonates with our mission. Not only are we providing
means of funding but also the best in-class mentorship, crucial to ensure success. Lapasar represents the perfect example of our collaboration with NEXEA in terms of intervention and rendering support to the ecosystem, as we strive to position Malaysia as a global champion in disruptive innovations and technologies.
We look forward to further collaborations for the beneﬁt of the many, in line with our vision of Malaysia 5.0, enabling a nation deeply integrated with technology, providing equitable digital opportunities to the people and businesses,” said Gopi Ganesalingam, Vice President, Tech Ecosystems and Globalisation, MDEC.
As of the ﬁrst quarter of 2021, the Entrepreneurs Programme has more than RM57mil in combined revenues and over RM304mil in combined valuations and lastly, RM57mil in combined funding for these entrepreneurs.
Visit us at https://entrepreneursprogramme.com/ for more information.