Venture funds like Omidyar Network, Singapore-based Red Dot Ventures, and Thailand-based Digital Ventures are rallying behind Myanmar’s first tech accelerator.
The investors attended Phandeeyar’s recent demo day for its first cohort of startups.
That was a milestone for unlocking startup capital in the once-isolated country formerly known as Burma, according to Phandeeyar’s Jes Kaliebe Petersen.
“Getting a tech business in Burma funded has been hard—and a tech startup even harder,” he said.
Phandeeyar’s first cohort included Chae Sat, an online platform that connects 2,700 freelancers with contract work at 500 companies in Myanmar.
EzStay, an Airbnb-like platform, allows travelers to book rooms in hotels, guesthouses and private homes.
Phandeeyar launched its accelerator last year with a $2 million grant from Omidyar Network.
This post originally appeared in ImpactAlpha’s daily newsletter. Get The Brief.
Photo credit: Myanmar-startups.com