Myanmar logistics startup Kone Si nabs 6-digit sum from YCP, Nest Tech

Myanmar-based on-demand trucking platform Kone Si has raised a six-digit US dollar funding from Yangon Capital Partners (YCP) and Vietnam-based early stage VC Nest Tech to fuel national expansion.

Prior to this investment, Kone Si received a pre-seed funding from local accelerator Phandeeyar in 2017.

The startup said it has connected more than 100 business shippers and 2,000 truckers to its platform, and has enjoyed an average month over month sales growth of 30 per cent.

Proceeds from the latest financing will be used to boost utilisation of its technology platform, talent acquisition and expansion to other commercial cities in Myanmar.

Local businesses are facing the challenges of outsourcing transportation to third parties because of lack of standardised procedures and opaque pricing among truckers, according to Kone Si.

Difficulties for small fleet owners and individual truckers to get regular jobs also persists due to fluctuating transport pricing controlled by large trucking groups.

“We believe that understanding the power paradigm between customers and truck suppliers is the key to success in the business. Knowing the freight flow throughout the year in the country is critical to help our partner truckers get the return loads and operating efficiencies,” said Kone Si CEO Zar Phyu Tint Lwin.

The frontier market of Myanmar is witnessing a high GDP growth of 6-7 per cent per annum, resulting in rising demand for logistics. Kone Si is not the only player in the freight marketplace. Local rival Kargo Myanmar has also bagged $800,000 seed funding from Cocoon Capital in May 2019.

Nest Tech, which is based in Ho Chi Minh City and invests in Southeast Asian startups, has backed several businesses in Myanmar including Flexible Pass, Mote Poh and Yangon Broom. Meanwhile, YCP plans to invest in up to 30 Burmese startups within the next couple of years.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.