Startups from Myanmar accelerator Phandeeyar secure funds

Photo: Juliet Shwe Gaung. A team member participates at the technology investor event at Phandeeyar.

Myanmar tech hub Phandeeyar has announced that four teams from its startup accelerator successfully completed an intensive six-months coaching programme and secured $25,000 as seed money in the form of a convertible note.

The four startups are comic book app White Merak, freelancers’ platform Chate Sat, tour packages comparison portal GoP and booking site for hotels and guesthouses Ezstay.

The teams were exposed to a network of investors including Digital Ventures, Omidyar network, Anthem Asia and BOD Tech.

“They have all built their product and shown that there’s demand for it in the market. We hope investors will get behind these startups and give them the financing that they need to take their companies to the next level,” said David Madden, founder and CEO of Phandeeyar Myanmar Innovation Lab.

In another development, six Myanmar-based startup teams, representing the civil society and technology space, bagged seed capital of $40,000 each after winning a competition held by Phandeeyar, a local accelerator.

The six teams have received $10,000 each. They will be given three months to launch their prototype before they make another pitch to raise the $30,000. The two-day Civic Tech competition attracted interest from 40 teams.

Civic Tech Competition is a joint initiative by Phandeeyar and FHI 360 and supported by USAID.

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