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.