Malaysian Startups to Watch Out for in 2023

In early 2022, the Malaysian economy grew by 9.3%. Growth in the business sector was also observed in the last few months of the year following the reopening of international borders. With its rapidly expanding ecosystem of entrepreneurs, venture capital funds, and angel investors, Malaysia is poised to become one of Asia’s leading business hubs.

From an EdTech startup to a health-focused company and a payment platform, check out the Malaysian-born startups that should be on your radar this year.

Gurulab

The brainchild of entrepreneurs Vicky and Kai Song, Gurulab is an online tutoring startup that aims to bolster the English skills of students in Malaysia. With a data-driven methodology and a pool of highly qualified tutors from the top universities across the world, this Kuala Lumpur-based EdTech company hopes to “create a better world where no student is left behind.”

The startup raised initial funding of US$1 million in mid-2021.

Lapasar

A wholesale-tech company, Lapasar aims to disrupt the tech industry by providing an app for restaurants to connect with suppliers in Malaysia. The company’s main goal is to simplify the process of corporate procurement for businesses across the country. Entrepreneurs only need to download the app to access exclusive offers from Malaysia-based distributors and suppliers.

In 2021, Lapasar raised a total of US$1.82 million in funding.

Naluri

Naluri is a health-focused startup that combines data science, psychology, and behavioural science to help Malaysians make smart lifestyle habits. Its app, which is available on Apple Store and Google Play, is geared towards young professionals looking to track their daily steps, heart rate, food intake, and mental health. Since its inception, the company has served more than 35,000 users from different parts of Malaysia.

Last June 2022, Naluri closed a US$7 million pre-series B funding round.

Paywatch

A payment platform, Paywatch connects with banks and employers to give workers instant access to their earned income before payday. This allows employees to budget their money in advance and avoid high-interest lending practices. The earned wage access (EWA) service provider has more than 100 clients, including KFC, Pizza Hut, Outback Steakhouse, and Metrojaya Department Stores.

Last December 2022, Paywatch secured a US$9 million pre-series A financing.

Dropee

Helmed by entrepreneurs Lennise Ng and Aizat Raim, Dropee is a B2B online marketplace that enables small to medium enterprises to partner with wholesale suppliers in Malaysia. The startup’s mission is to increase the accessibility of products, transparency, and convenience through digitising wholesale transactions. Aside from Malaysia, Dropee has suppliers in the Southeast Asian region.

The online marketplace has raised US$7 million in Series A funding led by Vynn Capital.