The funding has enabled the startup to reach a post-money valuation of a seven-digit US dollar amount, according to an announcement on January 5.
The three-year-old Innoveller has brought bus seat inventory of all major routes in Myanmar onto its platform. The startup will use the proceeds to further expand its team and range of products.
The company has facilitated transactions of 800,000 bus tickets transacted monthly, covering over 110 local destinations in Myanmar.
“Investing in Innoveller confirms our commitment to backing promising Myanmar startups and compliments our current travel portfolio. The founders are an experienced, A-star team coming from management, financial and IT backgrounds,” says Mike Than Tun Win, CEO of BOD Tech Ventures.
BOD Tech Ventures is not new to this vertical having invested in Star Ticket, an online bus ticket booking platform, in 2016.
Innoveller is led by Kyaw Kyaw Win, Singapore Management University alumnus, Wai Phyo, ex-Oracle financial senior application engineer and Kyaw Soe, Hendrix College alumnus.
“We are bullish about the long-term growth prospects of inter-city bus travel industry in Myanmar; it is the main way for people to travel in Myanmar, both locals and foreigners,” said Kyaw Kyaw Win, co-founder of Innoveller Co Ltd. Win was previously with Euler Hermes, a leading French credit insurance company.
“As this industry grows, we will continue to work closely with our clients to deliver a better customer experience for bus ticket buyers across the country and internationally with our digital solutions. We believe that providing these tools will allow local bus operators to run their business operations more efficiently, and also tap into other e-commerce opportunities going forward,” said Win.
BOD Tech Ventures’ portfolio includes online travel agency Flymya.com, travel portal Go-Myanmar.com, mobile education platform DedaaBox, local content creator Myanmar Online Creations, food delivery startup Yangondoor2door, e-commerce platform shopmyar.com, and Laundry.com.mm.