In a couple of startup related events in Myanmar, Phandeeyar is preparing for the launch of its six-month accelerator programme while Switzerland-based Seedstars World plans to hold a pitching event in Yangon in June.
StartUp Challenge 2017 of Phandeeyar saw 11 teams take home $37,500
Phandeeyar, a tech hub in Yangon, announced that 11 Myanmar startups have won a $37,500 cash prize as part of the StartUp Challenge 2017.
The competition saw 91 entrepreneurs from 28 teams make their pitches. Outside the cash prize, the winning teams will receive an entry to Phandeeyar’s three-month pre-accelerator programme, a three-month programme to further develop their startups.
The teams that fetched the first prize include InstaCash, an online money lending platform, Taung Thu Gyi, an agri-equipment rental and sales platform, WeSafe, a real time security surveillance control system, and RecyGlo Myanmar, a platform to help with recycling.
“Once again, we’ve seen the incredible talent and energy in Myanmar’s tech community. There were some great ideas on display today and what these teams have accomplished in nine days is good indication of their potential. We’re looking forward to working closely with the winners to help them further develop their businesses,” David Madden, founder and CEO of Phandeeyar, said.
Phandeeyar is also preparing for the launch of cohort 2, a six-month accelerator programme, which will allow successful applicants a $25,000 funding in cash together with other supports worth over $200,000.
The cohort 1 of the accelerator programme was launched in 2016 which helped groom four startups including Chate Sat, White Merak, EzStay and GoP to enter the market and raise seed funding.
Seedstars to hold startup pitching session in June
Switzerland-based Seedstars World will hold a traditional pitching competition in Yangon for the third time featuring the top eight startups from the country.
These startups will be invited to the pitching event scheduled for June 17 at AYA bank in Yangon, and will also hold a full two day bootcamp on June 19-20 for 10 startups from Myanmar.
Seedstars World is travelling to over 70 countries in 2017 to identify seed-stage entrepreneurs and provide them with the opportunity to win up to $1 million.
To compete, the startup needs to be less than two years old and should have raised less than $500,000 in funding.
“Seedstars World is a platform connecting investors to the next generation of entrepreneurs, outside of Silicon Valley and Western Europe. This will be our third time organizing our event in Yangon and give the rapidly rising nature of the startup ecosystem, we expect to discover a wealth of good startups,” said Nick Feneck, regional manager at Seedstars World.
Like last year, the winner will get the chance to fly to Switzerland to compete with other regional winners for a $1 million prize.
Last year, the Seedstars Yangon contest saw Digital Royal Net Solutions Co Ltd, a tech startup in creating E-school, as the winner.