RecyGlo, a Yangon-based startup that offers recycling waste management solutions for business and households, has been named the winner of Seedstars Yangon 2019.
The startup, together with nine other finalists from Myanmar, presented its businesses at a pitching contest held on May 16 at Seedspace Yangon, a co-working branch of Seedstars.
Klenic, a startup that helps clinics digitize information such as medical records and queue management, and Hydro Plant that builds precision-control system for farmers to be more productive, took the second and third places, respectively.
RecyGlo will be representing Myanmar as it joins the Seedstars Asia Summit and further competes for up to $500,000 in equity investments and other prizes at the global summit of Seedstars World in Switzerland.
Earlier this year, RecyGlo raised a sum of $150,000 from Oslo-based Katapult Ocean accelerator, putting its valuation at $1.8 million post-investment.
RecyGlo provides B2B and B2C recycling related supply chain services, which involves educating the consumers on waste management. “We are currently handling recyclable products like paper, plastic, and cans, but later, plan to handle others products like electronic and used clothes, etc,” said Shwe Yamin Oo, CEO, and cofounder of RecyGlo.
The startup was born out of Phandeeyar’s annual startup challenge in 2017. Since its inception, it has raised a total of $200,000 in investments. Going forward, as it looks to expand its business, it will welcome regional investors.
Outside Yangon, the startup is aiming to expand its business across Nay Pyi Taw, Mandalay, Nyaung Shwe, Inle and Bagan, among others .
RecyGlo claims monthly revenue of between $30,000 to $50,000 and projects to receive up to $500,000 in 2019.