The Kuala Lumpur based startup, LaunchPad has raised $1 Million in “pre-idea pre-seed funding” from a group of unspecified group of investors. LaunchPad is a startup incubator, which develops and mentors ideas in-house.
The founder and CEO of LaunchPad, Asim Quershi said that the investment suggests the confidence of the investors in Malaysian market irrespective of uncertain economic conditions. He said, “The Malaysian startup scene has a great ecosystem and [is] an ideal stepping stone for other markets in ASEAN — for both developed markets like Singapore and less-developed markets such as Indonesia,”
According to the report of e27, LaunchPad is mainly focusing on the proven businesses models, which can be launched through its platforms in Malaysia and some other Asian markets. Qureshi said, “Much of our team is remote, which allows us to draw on an international talent pool. We have some of our key guys, including equity partners, living in Turkey, Russia, Ukraine, England and Scotland,”
As of now, LaunchPad has four startups including Scoot, and PayrollPanda. Scoot is an online job portal, whereas PayrollPanda is a SaaS marketplace. The name of other two startups are Pamperoo, beauty and wellness portal and Karyaab, the online job portal that focuses on the job of middle Eastern markets. The company also incubates two other unspecified startups.