iMyanmarHouse Founder to Launch Tech Venture Capital Fund

Nay Min Thu, the founder of prop­erty web portal iMyanmarHouse.com, will launch a venture capital (VC) fund for local tech startups, with the fist round of funding to begin next year.

The fund, Myanmar Tech Ventures, is in the process of securing financing from a “range of local investors” and is targeting an initial fund size of $5 million, Nay Min Thu told Myanmar Business Today.

Myanmar Tech Ven­tures, which has been in development for about a year, will provide 5 to 6-digit ticket sizes and plans to invest in 5 to 10 startups per year, he said.

“We are going to invest mostly in technology based startup companies in My­anmar… For the time be­ing we will look at mostly software based or custom­er based companies.”

“For hardware compa­nies I don’t think we have the capability to go for manufacturing in Myan­mar, so we won’t be look­ing at hardware compa­nies.”

At the moment, there is a lack of funding for the country’s local tech start­ups, said Nay Min Thu.

Myanmar Tech Venture will join the handful of VC and investment firms ac­tive in Myanmar.

“I believe there’s poten­tial for technology based companies in Myanmar to grow, I think it (VC funds) are really necessary.”

In the past, Nay Min Thu has provided capital for several local startups including a $40,000 in­vestment in B2B trading platform Bagan Hub as well as an undisclosed amounts in ride-hailing app Hello Cabs and on­line shopping site 365My­anmar.com.

Last month online food delivery service Food2U, of which Nay Min Thu is a major investor, secured a six-figure amount bring­ing the total value of the company to $1.5 million.

 

Source: Myanmar Business Today

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