Malaysian startups poised for breakout in 2016

Tech in Asia puts the spotlight on start-ups that have been in the news

KFit

“Uber for gyms” KFit recently closed a $12 million series A funding round to branch out into new areas, starting with massage, spa, and beauty services.

Founder and CEO Joel Neoh, who formerly headed Groupon Asia-Pacific, said the move was logical for the business, which takes its cue from ClassPass in the US. KFit helps people find gym and fitness classes and get unlimited access to them for a fixed fee.

iFlix

Everyone’s closely watching what video streaming service iFlix’s next moves will be now that its US counterpart Netflix has expanded into many Asian markets. But iFlix seems confident about its position in its current markets. 

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The company’s investors include Catcha Group, US-based Evolution Media Capital and Philippine telco PLDT. 

It was earlier reported that iFlix was raising a new round of $150 million to fund its ambitious plan to expand across the world.

iMoney

iMoney, led by CEO Lee Ching Wei, is gearing up for a new funding round, which will further raise its valuation.

Now worth $20 million, iMoney is a personal finance platform that helps consumers compare and apply for credit cards, broadband, and loans.

As of August, iMoney has recorded nearly 11 million unique users tapping its market comparison and bank application services. 

123RF

123RF is a digital microstock image marketplace with an impressive growth story that’s been under the radar in Malaysia.
The platform offers budget-friendly commercial and editorial photos, vector illustrations, video footage, and audio clips to creative professionals, entrepreneurs, publishers, and digital and advertising agencies.

100% bootstrapped, 123RF claims to be the fourth-largest stock image site in the world, with a library of 50 million images and 16 million monthly visitors. 

This is an excerpt from Tech in Asia. You can read the full article here.