Malaysia’s Largest-Private Business Incubator, MAD Incubator (MAD) has secured an undisclosed sum of investments led by Singapore-based Start Up Nation’s Malaysian subsidiary and joined by Kathrein Ventures based in Singapore.
The investment will be used to expand MAD to new markets and further establish MAD as the leading incubation play for South East Asia with the mission to grow the startup ecosystem in SE Asia. MAD and SUN inked an agreement for collaboration in 2013 and have been working together since the beginning of the year 2014. Their visions have grown even bigger, ever since the first MAD-SUN BUSINESS CHALLENGE series, a pitching challenge, that was held in MAD’s various co-working hubs in Malaysia, from Cyberjaya, Putrajaya, Penang, and finally in Petaling Jaya.
Through the MAD-SUN alliance, close to thirty startups have been selected to launch and grow in the first six months of 2014 alone.
With this fresh round of investment, MAD has secured strategic partnerships with both SUN and KV for the coming years of growth. KV plans on playing an active role and working closely with both MAD and SUN on growing the startup ecosystem in South East Asia.
Charles Kathrein, Jr., the Co-Founder & CEO of Kathrein Ventures (KV) also added “Kathrein Ventures was established because we saw tremendous opportunity in SE Asia. With the upcoming ASEAN Economic Community 2015 (AEC 2015), we feel that working with MAD and SUN will enable us to invest, mentor, and help grow the startup ecosystem in ASEAN ”.
While the investment was made in Malaysia it will soon become very relevant for the Thai Startup Community. Anne Cheng, CEO of Startup Nation, has already met with HUBBA in order to establishing the first SUN pitching event in October this 2014. Anne will also be mentoring entrepreneurial students in Thamassat University’s Masters degree program this fall. Furthermore Startup Nation is planning to help MAD establish a startup hub with Science Park in the near future.
Kathrein Ventures has been based out of Thailand for 13-14 years, though I believe their businesses are more traditional in Thailand.