Myanmar’s Phandeeyar Accelerator startups Chate Sat, a freelancing platform and White Merak, an animated comic application have secured a six-digit funding each from local and foreign investors on Thursday.
Chate Sat which means connect in Burmese, has raised the investment from Vulpes Investment Management Pte Ltd back in May, alongside additional investment from Theta Capital based in Singapore and an angel investor in Myanmar.
With more than 4,600 registered users and 770 employers on its platform, Chate Sat is a platform that links freelancers with work opportunities including writing articles, creating web designs, or developing websites.
It acts as a medium for local freelancers to collaborate with businesses. Through the website, freelancers can apply for projects directly, without having to pay a huge sum to the middleman.
Moving forward, the startup looks to expand its operations into Mandalay, Nay Pyi Taw, and Taunggyi. The startup is also looking to increase up to 8,000 freelancers and 2,000 employers by the end of 2017.
“Local and international tech investors have been eyeing Myanmar’s tech and innovation sector. Today is proof that local tech startups can harness the connectivity revolution to accelerate business growth with support from investor communities,” said Honey Mya Win, the Co-Founder and CEO of Chate Sat.
Meanwhile, animated comic app White Merak has managed to raise US$140,000 funding from five local angel investors, in exchange for a total of 23 percent equity stake. Following the transaction, the startup will be valuated at US$600,000.
The proceeds will allow White Merak to expand services to comic book lovers living outside of Yangon, Mandalay, and Napyitaw; as the startup plans to grow their current user base of 17,000 to a 7-figure number by the end of 2018.
“The content market in Myanmar is heating up. With international content providers coming in, local tech businesses need to make sure that they have the competitive edge. This requires a great understanding of the consumers as well as financial support from investors,” said Aung Ye Kyaw, the Founder and CEO of White Merak.
Chate Sat and White Merak are two of the four alumni from Phandeeyar Accelerator Cohort 1. Phandeeyar Accelerator is also currently accepting applications for Cohort 2 until the end of July 2017 to start a six-month program in September 2017.
This news is published on Reuters.