500 Startups Invests in Myanmar Tech Company Bindez

Venture capital firm based in Silicon Valley, California, 500 Startups has made its first investment in Myanmar, putting capital in the local tech company Bindez.

The company behind the news of the application in a language Myanmar Bindez Tha Din has now raised more than $ 500,000 over three rounds of financing, with the previous seed and angel funding, totaling $ 120,000 together. The wine tour a consortium of investors, with 500 Startups take a minority position. The company in the new school founded by Dave McClure counteracts the traditional investment model to make big bets on a few companies with millions of dollars to invest small amounts of money – usually around $ 100,000 – more than a larger number of companies . It is the first startups in Myanmar funding by 500 startups

Bindez CEO Rahul Batra said his company with three founders, combined with 500 start-up was looking for: a hacker, a maverick and a cheat. The company has already taken steps to community participation, and some incubation said. The application, to date still being tested, but is available for free download, has accumulated 75,000 downloads and 20,000 monthly active users. Bindez collaborated with Ooredoo in August and application stacks with information related to the elections at the end of last year, after its launch in June 2015, as previously reported by The Myanmar Times. Monetize the application is not on the table at this early stage, according to Mr. Batra. The funds will help finance equipment and product development and strengthening market share and reach, he said.

The press application on a wider market for mobile users Myanmar, whose numbers have soared since the Union government has reformed the communications sector of the country in 2013. The administration argues that the penetration rate of telecommunications had reached 60 percent in September 2015 in a country of over 51 million people. “As entrepreneurs take deep breath of similarity in the way of our company with the recent increase in Myanmar,” said co-founder and chief technology Ye wint Ko said in a statement.

“Like the country itself in the last five years, Bindez has also exposed a start-up upside down in the past 18 months.” Meanwhile, 500 Startups sees an opportunity in Myanmar, where start-ups can compete with giant headlines technology. “In most of the world’s Internet platforms, such as Facebook and Google are dominant,” said the director of 500 Startups KhaiLee partner Ng in a statement. “But in Myanmar, we Bindez offer an alternative form of local development in real time consumption, relevant information.”

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