Phandeeyar, a startup incubator and accelerator based in Yangon, has fresh funds for programs intended to nurture an inclusive business ecosystem and help startup founders scale with technology in Myanmar, Myanmar Times reports.
The UK Government Department for International Development (DFID), ICCO Corporation and Phandeeyar will be investing USD 1 million into the programs, although the division of funds is not disclosed.
Phandeeyar is the implementing partner. Each project will boost the startup ecosystem for Inclusive Businesses (IBs) by incubating at least ten startups in the areas of agritech, fintech, health, and education sectors in Myanmar. IBs are defined as companies that are commercially viable, scalable and offer innovations that include and benefit low-income populations.
Phandeeyar has been accelerating local startups in Myanmar since 2016. To date, some of the startups that graduated from the accelerator are doing well, such as Kargo, Myanmar’s first logistics and supply chain startup. The accelerator recently accepted five startups into its third cohort.
Members of Phandeeyar were also among the first to call Facebook out for not paying enough attention to how the social network was being misused to spread hate speech and incite violence in Myanmar. The group then engaged in a dialogue with Facebook to find solutions.
Editor: Nadine Freischlad