RecyGlo, a Yangon-based recycling service startup, has received $150,000 from Norway’s Katapult Ocean accelerator programme while Phandeeyar Accelerator has accepted five tech startups to join its third cohort.
Norwagian Katapult Ocean accelerator injects $150k in Myanmar’s RecyGlo
RecyGlo, a Yangon-based recycling service startup, has received a $150,000 investment offer from Oslo-based Katapult Ocean accelerator for an exchange of an 8 per cent stake, according to Okka Phyo Maung, co-founder and chief marketing officer of Recyglo.
RecyGlo handles recyclable pickup services and promotes environmentally friendly and smart recycling solutions. H&M, World Bank, IFC and Uniteam in Myanmar are clients of Recyglo. The investment has put RecyGlo’s current valuation at $1.8 million. The startup is currently going through a three-month accelerator programme in Norway.
“Our biggest concern is that waste is not properly managed and eventually going to rivers and oceans, thus creating massive environmental problem,” said Shwe Yamin Oo, CEO and co-founder of RecyGlo.
The funding from Katapult Ocean will help the startup expand its grounds in other tourism cities outside Yangon such as in Mandalay, Nyaung Shwe and Bagan.
RecyGlo was born out of the Phandeeyar’s annual startup challenge event in 2017. Later that year, RecyGlo got accepted to Phandeeyar’s Accelerator programme and received a $25,000 as a convertible note for a 12 per cent stake.
Phandeeyar Accelerator investing up to $125k seed capital in five tech startups
Yangon-based Phandeeyar Accelerator has accepted five tech startups to join its third cohort and committed a total of up to $125,000 to help boost the growth of the businesses, according to an announcement.
The five startups – Asia Art Connect, Hivephing, Hydro Plant, Nay Yar and One Sett – will bring technological solutions to customers in sectors like art, agriculture, construction, fashion and real estate.
Each startup will receive up to $25,000 in seed money, services and mentoring opportunities with local and international mentors.
Phandeeyar Innovation Lab in Yangon started its first cohort of its accelerator programme in 2016 and has so far graduated 11 tech startups – Chate Sat, Ezstay, GoP, White Merak, Amazing Express, MMTutors, NextCode, RecyGlo, Pancasikha, Shwe Bite and Kone Si.