Singapore-based Seed Myanmar Ventures Limited, a country-focused venture capital fund targeting early stage technology companies, has closed a six-digit round in Marathon Myanmar Company Limited, a delivery service platform.
The investment values Marathon Myanmar in the seven-digit dollar range. Seed Myanmar will pick up a minority stake in the startup, which has secured its largest external investment to date.
“Marathon plans to use the proceeds to build out its technology platform to lead the parcel delivery market in Myanmar,” said Marathon Myanmar Co Ltd CEO and co-founder Okkar Phyo told this portal. Marathon Myanmar is targeting same day deliveries with the technology upgrade.
Post investment, Field Pickering, partner, Seed Myanmar, will join the board of Marathon Myanmar.
Apart from providing courier express service to e-commerce businesses and online shops in the country, Marathon Myanmar also handles bulk mail delivery. It has also entered into a courier cargo forwarding service since the beginning of this year.
“Marathon’s goal is to provide one stop service to provide both parcel and cargo delivery service,” said Phyo.
The startup is looking to continue with its fundraising process and is targeting to mop up $1 million in its subsequent round.
“We would want our future investors to be aligned to our vision. It is important for startups to have investors and partners like Seed Myanmar who believe in the founding team and the importance of technology, especially in the competitive last-mile delivery space,” said Phyo.
Singapore-based Vulpes Investment Management recently completed the rebranding exercise of its country-focused Vulpes Innovative Myanmar Investment Company as Seed Myanmar, a vehicle dedicated to making early-stage technology investments.
As part of the transition, all existing investments made by Vulpes in Myanmar were brought under the fold of Seed Myanmar. Its portfolio includes startups like freelancer platform Chate Sat, search engine Bindez, logistics startup Kargo, to name a few.