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Incubator/Accelerator
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Investments

87

Portfolio Exits

2

Partners & Customers

1

About MaGIC Accelerator Program

MaGIC Accelerator Program is the largest program in South East Asia to grow a community of regionally-focused startups.

MaGIC Accelerator Program Headquarter Location

Malaysia

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Latest MaGIC Accelerator Program News

Digerati50: Fulfilling the fulfilment gap

Nov 13, 2021

By Tan Jee Yee November 13, 2021 Warehouse robbery perfect learning experience, think twice before each move Things started turning around after joining  MaGIC Accelerator Program in 2016 Digital News Asia (DNA) continues its series that profiles 50 influencers who are helping shape Malaysia’s Digital Economy, from Digerati50 2020-2021 (Vol 4), a special biennial print publication released in July 2020. The digital copy can be downloaded from the sidebar link. The following in an expanded version of the article which first appeared in print edition in June 2020. It started with waiting. Specifically, it started with Ng Yi Ying – then an advanced computing master’s degree student at Tsinghua University, China – waiting for her instant noodles to cook. With her in the kitchen was Liu Yi Shu, her friend and landlord who was then working at Amazon China. As it turns out, instant noodles weren’t the only thing cooking in the kitchen that day. Both of them identified a huge potential in cross-border shopping between China and the Southeast Asia (SEA) region. Together, they began their first venture as online sellers, bringing product selections from China to Malaysian, Singapore and Thailand. This was novel in 2012, before the advent of Taobao and other e-commerce platforms wide international reach. Liu brought in her expertise in logistics, while Ng brought in her technological know-how. Their business grew, but they quickly encountered a problem. There is a huge gap in cross-border logistics, where it can be so expensive that it could easily take up 45% of a product’s cost. Moreover, as Ng identified, it was commonplace to see approximately 30% of the items received by end-users as being somehow defective during delivery. Most of their time with the e-commerce business was spent responding to tracking queries. The duo understood that for e-commerce to thrive in SEA – a region fragmented in terms of geographic distribution and preferences – the market requires localised logistics solutions that can cope with the rapid movement of goods. It needed something faster. It needed something uncomplicated. It needed something flexibility to support different use cases. It needed something, well, AllSome. The duo would start AllSome Fulfilment, a platform focused on cross-border e-commerce fulfilment, which encompasses processes including inventory storage, the “pick-and-pack” stage and all the way up to shipping the parcels to the buyer’s doorsteps. What AllSome does is to make it all easier and more efficient, as well as more affordable. AllSome’s services are divided to two features. AllSome Dock allows online merchants to procure, receive, repack and resent parcels conveniently. AllSome Track, on the other hand, is a package tracking system for both merchants and buyers to track their orders online and get notifications within a minute. All in all, AllSome works by receiving package on behalf of merchants, check for quality and accuracy, repackage them and then ship them out to clients. They also help with tracking the package cross-border, which is often filled with gaps due to different tracking processes in different countries. That’s not all. AllSome collaborated with partners who have extra space and transforms them into fulfilment hubs, or what Ng calls “virtual warehouses”. These could be spare warehouses or shop lots, which addresses the cost issue of owning large and expensive warehouses which are often situated at far-flung places, thus requiring more expensive and complicated logistics. AllSome would train partners to perform the process of receiving goods, storage, pick and pack and handover to the courier service to complete the last-mile delivery process. “It’s like an AirBnB for fulfilment,” Ng summarises. This ultimately provides for a more affordable fulfilment service to SMEs – Ng says that AllSome makes for a 50% cheaper and 50% faster process. By making logistics faster and more affordable, Ng believes that AllSome can remove barriers to e-commerce, allowing people to start online businesses and subsequently build their own brands instead of being swallowed up by the throngs of competitors on online shopping platforms. Getting AllSome started, however, required more patience than waiting for a package to arrive. The duo was met with several setbacks. Finance was, of course, the initial challenge. While Ng and Liu had the right idea, the funds to execute it was lacking. In order to build their prototype, the duo agreed to invest in ready stock and resell them quickly to earn their first capital. But the night they completed their very first prototype, tragedy struck. Their home office was burgled, with the thieves making away with around US$48,150 (RM200,000) worth of ready stock products, equipment and smart devices. Even their car was stolen. Purchasing the necessary devices to continue their work nearly left them broke. To top it off, they faced challenges in monetising their tracking system, as it didn’t appear to be something companies were willing to pay for. Things turned around for the better though with their acceptance into the Malaysian Global Innovation and Creativity Centre( MaGIC) Accelerator Programme in 2016, with mentoring and guidance helping set them on the right direction. AllSome would also be accepted into Batch XI of Chinaccelerator, an experience that helped deepen their understanding of Chinese e-commerce and cross-border markets. Adding to that, AllSome was accepted and graduated from the Y Combinator accelerator’s Winter 2019 class. This all culminated in a US$1.925 million (RM8 million) seed funding round led by Indonesian based East Ventures, which AllSome raised in late 2019. With the fresh fund, AllSome has set its eyes on Indonesia for its first SEA expansion, with Thailand, Singapore and Vietnam down the pipeline. AllSome now has a network of 250 virtual warehouses in China and Malaysia, serving 50 clients across Southeast Asia and handling 120,000 parcel deliveries daily. [As of June 2020] Thinking back on their journey, Ng says that they’re grateful for not giving up, despite the costly setbacks. “The experience has been perfect for learning,” she says. “After being robbed, we started doing things more carefully. It trained us to think twice for every movement. With our customers relying on us, we have to make sure that everything is perfect.” AllSome wouldn’t have happened if not for the instant noodles, but Ng knows it wouldn’t truly exist if they had given up when faced with the worst. “Don’t give up. Just keep at it. We changed from an e-commerce platform and we met people in this exciting journey that helped us get on the right track,” she concludes. Digerati50 2020/2021 is proudly sponsored by Maxis - Powering Malaysia's 5G era.

MaGIC Accelerator Program Investments

87 Investments

MaGIC Accelerator Program has made 87 investments. Their latest investment was in Toolyt as part of their Incubator/Accelerator on June 6, 2018.

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MaGIC Accelerator Program Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/20/2018

Incubator/Accelerator

Toolyt

Yes

1

6/20/2018

Incubator/Accelerator

YoungHappy

Yes

1

6/20/2018

Incubator/Accelerator

Wonderfly

Yes

1

6/20/2018

Incubator/Accelerator

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$99M

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10

6/20/2018

Incubator/Accelerator

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$99M

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10

Date

6/20/2018

6/20/2018

6/20/2018

6/20/2018

6/20/2018

Round

Incubator/Accelerator

Incubator/Accelerator

Incubator/Accelerator

Incubator/Accelerator

Incubator/Accelerator

Company

Toolyt

YoungHappy

Wonderfly

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Amount

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

10

MaGIC Accelerator Program Portfolio Exits

2 Portfolio Exits

MaGIC Accelerator Program has 2 portfolio exits. Their latest portfolio exit was Report Bee on January 29, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/29/2019

Acquired

1

00/00/0000

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10

Date

1/29/2019

00/00/0000

Exit

Acquired

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Companies

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Valuation

Acquirer

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Sources

1

10

MaGIC Accelerator Program Partners & Customers

1 Partners and customers

MaGIC Accelerator Program has 1 strategic partners and customers. MaGIC Accelerator Program recently partnered with 500 Global on July 7, 2015.

Date

Type

Business Partner

Country

News Snippet

Sources

7/12/2015

Partner

500 Global

United States

GrabTaxi, KFit, Bukalapak among first batch of special 500 Startups ‘growth hackathon’

500 Startups sTARTUPS and MaGIC have a three-year partnership for Distro Dojo , the terms of which will see 500 Startups sTARTUPS invest US$ 50,000 in each company in exchange for equity .

4

Date

7/12/2015

Type

Partner

Business Partner

500 Global

Country

United States

News Snippet

GrabTaxi, KFit, Bukalapak among first batch of special 500 Startups ‘growth hackathon’

500 Startups sTARTUPS and MaGIC have a three-year partnership for Distro Dojo , the terms of which will see 500 Startups sTARTUPS invest US$ 50,000 in each company in exchange for equity .

Sources

4

MaGIC Accelerator Program Team

2 Team Members

MaGIC Accelerator Program has 2 team members, including current Chief Executive Officer, Ashran D Ghazi.

Name

Work History

Title

Status

Ashran D Ghazi

Chief Executive Officer

Current

Cheryl Sew Hoy

Silicon Valley Bank, Hack Reactor, Walmart, Reclip.it, KPMG, and ElectrifAi

Chief Executive Officer

Former

Name

Ashran D Ghazi

Cheryl Sew Hoy

Work History

Silicon Valley Bank, Hack Reactor, Walmart, Reclip.it, KPMG, and ElectrifAi

Title

Chief Executive Officer

Chief Executive Officer

Status

Current

Former

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