Asia Digest: Dakota Ventures to invest $1m in Myanmar; Vietnam’s FoodHub raises funding

Downtown Yangon, Myanmar. Photo: Pixabay

Myanmar-focused Southeast Asian asset management company Dakota Ventures plans to invest $1 million in local startups while Vietnam’s farm produce delivery startup FoodHub has raised seed funding

Myanmar’s Dakota Ventures commits to invest $1m in local startups

Dakota Ventures, a Myanmar-focused Southeast Asian asset management company, plans to invest $1 million in synergistic and millennial-focused startups in the Burmese market.

The firm, which operates Kaplan Myanmar University College and Gohanya, a central kitchen for Japanese cuisine catering in Yangon, said it will continue to identify investment opportunities in education, consumer and infrastructure projects in the region.

Despite being a nascent tech market, Myanmar has also seen the fallouts of the COVID-19 pandemic in terms of accelerating digital adoption, especially amongst the young millennial generation who are turning to online lessons, streaming content and mobile gaming during the lockdown period.

In addition to education and food distribution, Dakota Ventures has also invested in F&B equipment and solutions as well as eSports.

Dakota Ventures added it aimed to leverage digital innovation to rejuvenate traditional businesses, helping foreign companies “invest safely in the fast-growing Myanmar market, with clear exit pathways.”

The firm has also sealed a strategic partnership with Israeli-headquartered cybersecurity firm Cybint to establish what it claims would be “Myanmar’s first-ever cyber training centre.”

“With more essential services going digital, cybersecurity takes on a bigger importance in safeguarding vital operations,” opined Daryl Teo, managing director of Dakota Ventures.

The facility will begin construction in June 2020 and targets to provide 500 certified cyber professionals by the end of 2022, before scaling up to 10,000 digital specialists by 2025.

In addition, Dakota Ventures will join forces with the Financial Planner Association of Singapore to conduct flagship certified financial planner (CFP) courses in Myanmar for agents and managers.

Vietnam’s FoodHub raises seed funding

Vietnam’s fresh farm food delivery firm FoodHub has raised up to hundreds of thousands of dollars in a seed funding round from MP Solution, a technology company that develops technological solutions for businesses and its user ecosystem. 

ThinkZone Accelerator, which has previously invested in the startup, participated as a funding connector and consultant.

Founded in early 2019, FoodHub is an online platform that provides fresh food delivery at home. 

The startup said it will use the fresh funding to scale its business with a focus on Vietnam’s northern market and to further promote its supply chain growth.

“After validating FoodHub’s product fit, it is time for us to accelerate and scale-up. And we have been fortunate to meet a very suitable strategic investor, with not only a supplement of financial resources but also many other core competencies. The two parties have agreed on a roadmap to cover Vietnam’s Northern market right this year,” said Vinh Nguyen, founder and CEO of FoodHub. 

The startup claims that its customer size has grown more than 3 times, providing thousands of 3-day and 7-day food packages to the market during the pandemic. 

MP Solution is a technology company that develops technological solutions for businesses. 

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.