SEA Digest: Myanmar’s Better HR raises funds; SG’s DeFiato undertakes token sale

REUTERS/Gary Cameron

Myanmar’s Better Technologies, a cloud-based HR tech startup, has raised a six-digit bridge round while Singapore-based DeFiato, a fintech platform for decentralised finance (DeFi), has completed the first round of a private token sale.

Myanmar’s Better HR raises funds

Myanmar’s Better Technologies (Better HR), a cloud-based HR tech startup, has raised a six-digit bridge round from new investors as well as existing investors such as Seed Myanmar Ventures, Blibros, and nexlabs.

This is understood to be the first venture deal in Myanmar since COVID-19 and the military coup.

Better HR is a cloud-based enterprise web and mobile app enabling small- and medium-sized companies to streamline HR processes, such as attendance, leave, overtime and payroll.

The company claims that it has served more than 200 companies across Myanmar, Sri Lanka, and Vietnam that have adopted Better HR to manage over 35,000 employees and process over $2 million salaries per month. The funds will be used to fuel the expansion in other target markets across ASEAN and South Asian regions.

“Our clients are using Better HR to keep employee communications and HR processes going despite having to work remotely. That gave us the confidence to move forward and raise another round to accelerate the growth”, said Ye Myat Min, Chairman of Better HR who has passed on day-to-day operations and growth responsibilities to Myo Zaw Hein, CEO of Better HR.

In 2019, Better HR had raised a six-digit seed round from Seed Myanmar Ventures.

Singapore’s DeFiato completes first round of private token sale

Singapore-based DeFiato, a fintech platform for Decentralised Finance (DeFi), has completed the first round of a private token sale.

Token buyers include funds from Bybit, CRC Capital, Dao Maker, Double Peak Group, Dweb3 Capital, and 7 O’Clock Capital. The strategic token sale round was conducted on the basis of accelerating business development and user growth for the platform.

Founded by William H. Nguyen, DeFiato is a platform for DeFi staking, yield farming, and financial services.

DeFiato currently supports DeFi products on multiple EVM chains such as Ethereum, Binance Smart Chain (BSC), Polygon, and Avalanche, and is onboarding Solana within days. It is positioned to be the top cross-chain DeFi aggregator in the coming months.

DeFiato is conducting an ongoing token sale with the native utility token expected to launch in December 2021. The token will be used primarily for payment of fees within the platform, and users can look forward to significant cost savings when using the token.

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.