Seed Myanmar, a country-focused venture capital firm, has led a five-digit dollar investment in MMTutors, an online tutor-booking platform while Switzerland-based Seedstars will put $1.1 million over five years to develop the Yangon Innovation Center located in Seikkan township.
Seed Myanmar leads investment in MMTutors
Others who participated in the round include Trust Venture Partners Myanmar, a financial advisory firm, and angel investor Aung Htun.
MMTutors will use the proceeds to grow its tutoring platform, the company announced. In Myanmar, over 2 million students take the matriculation examination every year of which one-fifth rely on private tuition to support their school work.
MMTutors was born out of the accelerator program of Phandeeyar, through which it got its initial funding and mentorship. The startup now claims to have over 800 tutors registered on its platform.
Seedstars to spend $1.1m on Yangon Innovation Center
Switzerland-based Seedstars will establish the Yangon Innovation Center (YIC) and invest $1.1 million over the next five years to develop the startup ecosystem in the country, according to the Yangon Region’s Kayin ethnic affairs minister Naw Pan Thinzar Myo.
An agreement to develop the center was signed between the Yangon Regional Government and Seedstars on October 5. The center will be located in Seikkan township.
Seedstars plan to put an initial capital of $250,000 to refurbish the location. Seedstars won the government bid to operate the centre on a build, operate and transfer system.
YIC is tasked to support 50 startups during the course of five years.