Forbes Asia ’24: Investors’ eyes are on these 4 M’sian startups, yours should be too

Forbes Asia has dropped its 100 to Watch list, and not one, not two, but four Malaysian startups have been included this year. 

Unlike other round-ups by Forbes Asia such as its 50 Richest list, the 100 to Watch list primarily focuses on smaller companies and startups that have managed to raise funding from investors. 

Here are the four Malaysian startups that Forbes Asia is keeping their eyes on. 

1. Applecrumby 

An ecommerce and retail company selling baby products, Applecrumby was founded by parents Sean and Jesmine Tan in 2012. 

More recently, they’ve also launched a sub-brand, PureBasics, which is their more affordable line of products.

The now 12-year-old company has established itself as a go-to platform for safe, natural, and organic products for families in Malaysia and beyond.

In April, we reported that Applecrumby had bagged funding from 500 Global. Specifically, they had raised their Series A funding of US$4.2 million (around RM19.9 million at the time). 

Speaking with Vulcan Post, Sean shared that the fresh funds would be used to expand the company’s reach regionally, while also helping the team invest in innovation, attract and retain top talent, and scale the business overall.

We first featured Applecrumby back in 2017, and just like Forbes Asia, we will definitely continue keeping up with their journey. 

2. iMotorbike

Founded by CEO Gil Carmo in 2017, iMotorbike is an ecommerce platform for buying and selling used motorcycles. 

The startup’s mission is to address four pain points of buying and selling preloved motorcycles: challenges with reliability, lack of transparency, market fragmentation, and time consumption. 

In April this year, the startup debuted its largest showroom yet, spanning three floors and covering an area of 46,806 square feet. 

Last year, the startup had raised RM12 million to expand its business locally as well as regionally. Today, iMotorbike is also present in Vietnam. 

Co-founder Sharmeen shared with Vulcan Post earlier this year that iMotorbike’s long-term vision is to become the leading trading platform for motorcycles worldwide.

With this recognition from Forbes Asia, it seems like they’re certainly revving down the right track. 

3. LiveIn 

LiveIn is a company that caters to young professionals in search of affordable housing in Southeast Asia, working with landlords to help them manage rooms in their properties in Malaysia, Vietnam, Thailand, and Indonesia. 

In June, Vulcan Post reported that LiveIn had surpassed RM51.4 million in funding with a new investment. Specifically, they had raised US$8.3 million in a pre-series B funding round last December, before closing an additional US$2.6 million in 2024.

A press release at the time also shared that the company has plans to enter the Philippines.

Once known as HostelHunting, the company initially started in 2015 to tackle long-term room rental issues among students and property owners. 

The company sure has come a long way since those early days, and it seems like continual growth is in the books for them. 

4. Paywatch

Paywatch is a fintech company that offers employees early access to their wages. Aside from Malaysia, it’s also active in South Korea, Indonesia, the Philippines, and Hong Kong.

While the company is registered in Singapore, it is operationally headquartered in Kuala Lumpur. Co-CEO Alex Kim shared with Vulcan Post that the company chose Malaysia as its base due to its partnerships and collaborations with local brands and institutions.

Specifically, they’ve worked with established local entities such as Lotus’s, Jaya Grocer, and QSR Brands such as KFC and Pizza Hut, among others.

In June, the startup announced that it had raised RM141 million in funding. This was reportedly the largest funding round closed by an EWA player in Southeast Asia.

Alex shared with Vulcan Post that the funds will be used to hire new staff, invest further in engineering initiatives, and fund the expansion to new markets, bringing the Malaysia-headquartered company to more countries. 

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Announcing the fourth iteration of its 100 to Watch list, Forbes Asia shared that the 100 firms have drawn over US$2 billion in total investments to date. 

In fact, 83 of them (including all four Malaysian startups) had raised money since the start of 2023, which is particularly impressive as Forbes reported that the venture capital funding in the region hit a seven-year low last year. 

Forbes Asia added that the 100 companies included share one common trait: a strong innovative streak. 

We’re excited to see how the four Malaysian companies will continue to innovate and grow, and we’re proud of them for representing our country on the world stage. Congratulations to Applecrumby, iMotorbike, LiveIn, and Paywatch!

Featured Image Credit: Applecrumby / iMotorbike / LiveIn / Paywatch