Early-stage startups across South and Southeast Asia have bagged new funding rounds, including Burmese e-commerce and delivery platform Hi-So, Malaysia’s Cell Tissue Technology and Bangladeshi transport app Jatri.
Htun Khaing International’s spinoff Hi-So raises six-digit funding
Myanmar-based food delivery and online shopping startup Hi-So, a spinoff from Htun Khaing International (HKI), has raised six-digit funding from unnamed individual investors.
HKI has been providing its delivery service since December 2018, and in October 2019, the company pivoted to food delivery and online shopping, according to a statement.
Hi-So claims to enjoy a 50 per cent growth per month in transaction volume since its inception. The company will use the new funding to accelerate its business in Myanmar.
“The competitive environment is intensifying day by day. (…) To establish a solid position in the delivery market, the company decided to raise funds from investors,” it said, in a statement.
Malaysia’s VentureTECH backs Cell Tissue Technology
Malaysian investment firm VentureTECH has backed Cell Tissue Technology (CTT), marking its first investment in the biotechnology sector.
VentureTECH will support CTT in developing various medical infrastructures, and acquisition of operating assets to expand the latter’s cell-based products.
“The total addressable market is large with approximately 10 local players operating in this space. We believe a synergistic approach with CTT will be able to address some of the existing commercialisation challenges, specifically in the tissue engineering discipline,” said Norida Abdul Rahman, managing director of VentureTECH.
VentureTECH is a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology.
Meanwhile, CTT is the first tissue engineering firm in Malaysia and a spin-off of the Universiti Kebangsaan Malaysia. Malaysia Technology Development Corporation was the initial seed capital provider to CTT.
Jatri closes seed funding to solve Bangladeshi public transport problems
Bangladeshi transport startup Jatri has raised a seed funding round from Superangel, Falcon Network, Tahseen Consulting, along with several angel investors.
The company said in a statement that some of these investors were early backers and advisors to transport apps like Bolt (previously Taxify), Uber, Bird, Angkas and Buseet.
Jatri had earlier secured pre-seed money from Pathao’s investor, Adventure Capital.
The startup addresses the traffic congestion challenges and insufficient public transport system in Bangladesh by enabling digital tracking and ticketing to enhance rider experience on buses. Its technology also allows bus operators to improve schedule adherence and optimise travel time.
Jatri said it had over 30,000 unique users and more than 50,000 trips have been completed through its platform.
The fresh capital will allow Jatri to scale up its services in Bangladesh’s populous metropolitan areas and fast track product development for additional transport modalities, it added.