Myanmar’s Recyglo has secured an undisclosed investment to make a foray into a slew of new markets such as Indonesia, Cambodia. In a separate development, HappyFresh has tied up with LINE to offer grocery delivery service to its users.
Recyglo raises funding to expand into Indonesia, Cambodia
Myanmar-based waste management startup Recyglo is in the process of raising $900,000 to expand its operations in its existing market besides entering newer ones.
The development was first reported by e27.
Founded by Shwe Yamin Oo (its CEO) and Maung (its CMO), Recyglo offers eco-friendly recycling solutions for companies in Myanmar and Malaysia. Recyglo also provides services ranging from waste segregation and waste audit, among others.
The startup is now raising around $350,000 as bridge funding, with an expectation to close the full round by the second quarter this year. The company did not disclose the names of its investors.
The proposed corpus will be used by the startup to develop its pipeline of products, spruce up its tech team and expand into several countries in Southeast Asia.
More than 90 per cent of its revenue comes from B2B service, including FMCG, oil and gas firms and telco companies.
HappyFresh ties up with LINE
Indonesia-headquartered online grocery platform HappyFresh has partnered with Thailand-based chat app LINE to pave the way for Thai consumers to order grocery products through its messaging app, the company said in a statement.
“This is a strategic partnership between LINE and HappyFresh where we leverage the marketing giant LINE to expand our user base in Thailand while they can launch a complex, operational heavy vertical by integrating our solution into their LINE MAN app,” said HappyFresh CEO Guillem Segarra.
According to the statement, it is the first time that LINE integrates its vertical business that is not owned in-house into their LINE Man app.
HappyFresh raised Series C funding of $20m last year led by South Korea’s Mirae Asset-Naver Growth Fund. A year before that, it raised Series B funding by Samena Capital.