Phandeeyar Accelerator, born out of Yangon-based innovation hub Phandeeyar, has made a total seed injection of $175,000 in seven tech-startups that have joined the second cohort of its accelerator programme.
Four startups from its first cohort have received local and international funding to help scale their business.
Each of the seven startups of Cohort 2 (from October 2017 to March 2018) will be provided $25,000 as seed money and over $200,000 worth of services from strategic partners including a free office space at Phadeeyar, a six-month intensive coaching from 40 local and international mentors.
“It has always been Phandeeyar’s mission to invest in companies that can help Myanmar leapfrog into the digital economy. Through “Cohort 2”, we will continue to provide the startups with skills, money, and the network they need to create successful new businesses,” said Jes Kaliebe Petersen, CEO of Phandeeyar.
The seven startups were selected out of a pool of 48 tech startups and out of the seven startups onboard, two are from Mandalay Region and the rest from Yangon. Four of the startups are led by female CEOs.
Cohort 2 consists of tech businesses tackling areas like logistics, healthcare, entertainment, education and recycling. The new batch includes Amazing Express, a logistics service platform; Kone Si, an online to offline freight system; MMTutor, online to offline platform to find the best trainers; Beluva, a mobile app streaming Myanmar songs; RecyGlo, an innovative recycling solution; Shwe Bite, delivery of home cooked food and My HMS tools, a cloud based platform for medical records.
“We were all extremely impressed with the energy and level of talent of the teams in Cohort 2,” said João Dutra, Director at Phandeeyar Accelerator.
Out of four alumni of Phandeeyar Accelerator Cohort 1, Chate Sat, a freelancing platform that connects freelancers and employers managed to raise six digit investment each during mid-2017 from Singapore-based Vulpes Investment Management Pte Ltd, Theta Capital and a Myanmar-based angel investor.
“The growing demand to start tech startups here in Myanmar is increasing in parallel with a booming interest from local and international firms to invest in local tech startups. Now is a great time to start a startup in Myanmar!” said Petersen.