DedaaBox, which has its own production studio and works with local and international institutes for its online courses, will use the financing to produce more educational content and to strengthen its video platform, its founder Zin Thu Win said. The funding values the startup at about $550,000.
The latest investment round was joined by Zaw Myint Htoo, CEO of IME Holdings Co Ltd, a diversified group of companies whose investment portfolio includes Dailymart.com.mm and Automobile journal. The financing was announced on December 1.
The education technology startup is one of the many technology-based startups that have blossomed in Myanmar after the opening up of the telecom sector in 2014 that had led to improved connectivity and faster internet speeds. It raised seed funding from Ye Min Aung, managing director of Myanmar Agribusiness Public Corporation (MAPCO), after launching in 2016. Its first video content was released in May 2017, followed by the launch of its mobile app in September.
“Our philosophy is based on (being) ‘Myanmar Centric and Making Myanmar people learn more with their mobile phones’. Based on our past experiences in business and education, we are confident that we can truly provide necessary educational content that majority of Myanmar people really need and want,” said Zin Thu Win, whose experience spreads across the education sector and who co-founded the Myanmar Institute of Finance (MIF).
“We are extremely excited to invest in DedaaBox as we have been looking for a potential edtech startup for a while and (founder) Zin’s track record and experience in Myanmar Institute of Finance was crucial in our investment decision,” said Mike Than Tun Win, founder of BOD Tech.
DedaaBox has produced exclusive video content on personal development, finance and investment, business management, technology and language. Half of its library will be made available free to the public, while the rest will be offered via a paid version.
BOD Tech has been one of Myanmar’s most active investors. Its portfolio includes online travel agency Flymya.com, food delivery startup yangond2d.com, e-commerce platform shopmyar.com and laundry.com.mm. It recently participated in the six-digit Series A round of Myanmar Online Creations, which creates localized online content and tools.