Singapore-based Vulpes Investment Management Pte Ltd has announced the launch of a Myanmar-focused venture capital (VC) fund to invest in early-stage technology companies.
The new entity, called Vulpes Innovative Myanmar Investment Company (VIMIC Limited), will make seed and Series A investments, according to a company statement.
“We are starting small, and we will grow our assets under management as the start-up community continues to mature in Myanmar,” said Field Pickering, director of VIMIC Limited.
VIMIC has already made two seed investments — one in logistics startup KarGo and another in Chate Sat, an online marketplace that connects businesses with freelancers.
Chate Sat was one of the first participants in tech hub Phandeeyar‘s accelerator programme. More than 700 businesses and 4,000 freelancers are now registered with the company.
Co-founder and CEO Honey Mya Win said Chate Sat will use the funds from VIMIC for expanding its presence outside Yangon and Mandalay. “We also want to educate businesses on the advantages and availability of freelancers,” she said.
Vulpes has previously managed funds as Artradis, the largest and one of the most successful hedge funds based in Asia between 2002 and 2011. As Vulpes, it has invested in a technology companies since 2011.