Myanmar’s largest online property portal, iMyanmarHouse.com has announced an investment of $5 million into a venture capital (VC) fund for local tech startups, U Nay Min Thu, Managing Director of iMyanmarHouse.com, told Myanmar Business Today.
“Myanmar’s tech startup community is far smaller and less developed than neighboring countries. The fund will encourage entrepreneurs by rewarding innovation, especially in technology-based startups that move national industry forward,” Managing Director of iMyanmarHouse. com, told Myanmar Business Today.
Myanmar Tech Ventures, to be launched in 2018, has been in development for about a year with the stated mission of growing the nation’s tech startup ecosystem by funding 5 to 10 startups annually.
“Tech is the fastest growing industry on the planet which can also maintain profitability and an ethical soundness. The fund will invest in local software or customer-based companies,” he added.
“Much of the world’s wealth is moving towards, or belongs to, the technology sector. For Myanmar to carve out any kind of an economic leadership role in the ASEAN bloc, it must spur growth in IT skills and engineering as well as ingenuity and innovativeness. I believe there is potential for technology based companies to grow in Myanmar,” U Nay Min Thu added.
In the past, U Nay Min Thu provided capital for several local startups including a $40,000 investment in B2B trading platform Bagan Hub, BanganMart.com and Groupbuyy.com.mm as well as undisclosed amounts in ride-hailing app Hello Cabs and online shopping site 365Myanmar.com.
Myanmar has very few active venture capital and investment firms. Funding avenues for local startups are limited.As of May 2017, there are over 2000 agencies and over 450 property developers registered at iMyanmarHouse.com.
Source: Myanmar Business Today
