11/1/2018 – BOD Tech Ventures, a venture capital based in Myanmar has invested an undisclosed Series A amount in Innoveller Go Ltd, a Software as a Service (SaaS) provider for bus ticketing solutions.
Post-funding, the startup will reach a valuation worth seven-digit US dollar amount. Meanwhile, the proceeds will be used to further expand the team and its range of products.
Incepted three years ago, Innoveller is led by Kyaw Kyaw Win who previously worked with the French credit insurance company Euler Hermes.
So far, the startup has ownership of the bus seat inventory of all major routes in Myanmar onto its platform. The company has facilitated transactions of 800,000 bus tickets transacted monthly, covering more than 110 local destinations in Myanmar.
“We are bullish about the long-term growth prospects of inter-city bus travel industry in Myanmar; it is the main way for people to travel in Myanmar, both locals and foreigners, ” said Kyaw Kyaw Win.
“As this industry grows, we will continue to work closely with our clients to deliver a better customer experience for bus ticket buyers across the country and internationally with our digital solutions.”
“We believe that providing these tools will allow local bus operators to run their business operations more efficiently, and also tap into other e-commerce opportunities going forward,” he added.
BOD Tech has been one of Myanmar’s most active investors. Its portfolio includes online travel agency Flymya.com, travel portal Go-Myanmar.com, mobile education platform DedaaBox, local content creator Myanmar Online Creations, e-commerce platform shopmyar.com, and Laundry.com.mm.
Commenting on the deal, the CEO of BOD Tech Ventures Mike Than Tun Win said, “Investing in Innoveller confirms our commitment to backing promising Myanmar startups and compliments our current travel portfolio. Besides, the founders are an experienced, A-star team coming from management, financial, and IT backgrounds.”
This news is published on Reuters.