Myanmar: MCF look at seed-stage investing in tech startups

Photo: Myanmar Computer Federation.

The Myanmar Computer Federation (MCF), a non-profit organisation plans to invest in local tech startups as part of its seed and incubation program.

“MCF is trying to help find a way for the start-ups to cover their expenses,” said Tun Thura Thet, secretary general of MCF.

The startups that seek support will be enrolled in Kanaung Hub, at the Myanmar ICT park in Hlaing township, a co-sharing space and incubation center, he added.

The hub was inaugurated in June 2015, as a co-sharing office space and charges a basic fee to provide new startups with infrastructure and also get help to raise funding, Thet told DEALSTREETASIA.

During the incubation program, the funding will be given for six months or a year by getting sponsorship from corporations. Selection will be done by the Kanaung Hub.

MCF said that both the domestic as well as global tech companies are helping it with the incubation program.

“The equity or shares of the start up company will not be demanded by the investor (for the incubation program). The start-ups can work freely. The idea is to help connect with the big companies,” said Thet.

“If the startup is deemed successful, the acceleration program will allow investors to chip in with the marketing or to speed up the business development,” he informed adding that the MCF will facilitate the young startup’s meeting with the investors.

“The main issue is lack of entrepreneurs. If we want to support five people, we cannot find five of them. Maybe there are only a few people or maybe people have not yet come to the Kanaung hub,” said Thet.

Meanwhile, a few local tech startups have already raised funding from foreign investors and private equity firms. For example, the local creative digital agency Revo Tech received a six-digit investment from Anthem Asia in January; while NEX, also a digital agency, got $150,000 funding from Bilbros Ltd, in November 2015. Recently, the mobile-first entertainment app, MoMoLay raised seed funding of $200,000 from a Singapore investor in November 2015.

Also Read:

Myanmar: Anthem Asia invests in local creative digital agency Revo Tech

NEX raises $150k more from Blibros; to become a full-stack digital agency

We want to create an online space for entertainment in Myanmar: Momolay’s Soe Lin Myat

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.