MaGIC's GAP Cohort 04 just ended; here's what the startups have achieved

Cumulative revenue rose from RM 6.5 million to RM13 million in the 3 months

Carl Adrian

1 Dec, 2020

MaGIC's GAP Cohort 04 just ended; here's what the startups have achieved | BEAMSTART News

MaGIC's GAP Demo Day held today marks the conclusion of a rigorous three-months for startups that participated in the programme. 

The 39 startups from 6 countries: Malaysia, Singapore, Indonesia, Sri Lanka, Hong Kong, and Myanmar, have benefited tremendously from the programme and achieved significant milestones with their ventures.

MaGIC measures startups’ success rate by tracking their increase in revenue obtained or funding raised during the program, as well as their progress for 24-months after the programme.

According to the MaGIC, startups managed to raise their cumulative revenue from RM 6.5 million to RM13 million in the 3 months.

Revenue growth of startups in the programme.

The programme covered wide varieties of startup categories such as e-commerce, education, enterprise solutions, agriculture, fintech, real-estate, foodtech, AR/VR, and many more.

During the programme, one of the startups received a RM500k grant and another startup is currently raising an investment of RM1 million. 15 startups have also begun their fundraising initiatives. 

MaGIC has also been equipping the startups with good business acumen and communication skills, resulting in startups securing over RM2.8 million worth of sale contracts, where 11 more startups are forming potential partnerships with local and regional parties.

When asked, most of the startups believe that the programme and mentors have helped them in improving their business model, technical enhancements, management, scalability, valuation, financials, and more.

Testimonies from startups.

Graduates from GAP's Cohort 1 - 3 alone have generated revenues of over RM295 million and total investments raised of over RM115 million, resulting in a combined value created by MaGIC's accelerator programme to over RM409 million. 

Moving forward, MaGIC aims to continue playing the role as a regional accelerator to empower more startups within the country and region.

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