Phandeeyar Accelerator injects $175k in seven tech startups in Myanmar

Photo: Supplied. Startups of Phandeeyar Accelerator Cohort 2 together with the accelerator team.

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.

And, White Merak, an animated comic reader application with features of animated Myanmar comic, got a $140,000 from local angel investors. EzStay and GoP also raised seed investments.

“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.

Also Read:

Myanmar: Local startups Chate Sat, White Merak bag six-digit funding

Myanmar Digest: 11 teams win Phandeeyar challenge; Seedstars’ pitch session

Uni Hack Challenge II to tap talent from 10 universities in Myanmar

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.