Asset management firm Dakota Ventures has announced plans to invest USD 1 million in “synergistic and millennial-focused startups,” according to a report by Deal Street Asia. Dakota Ventures is a Southeast Asian firm with a strong presence in Myanmar, especially in the private education, food and beverage and e-sports industries. It has also partnered with Israeli technology firm Cybint to develop a cyber security training center, reported Deal Street Asia. Its new investments would focus on innovation and technology-focused startups.

Indeed, Myanmar has seen a tech boom since its democratic transition and relaxation of state censorship, with the government pouring resources into telecommunications infrastructure. Companies such as Yangon Door2Door, Shop.com.mm, Grab and Wave Money claim huge shares of new, online markets. Meanwhile, millennial and technology focused entrepreneurs have found training, funding and other resources in a new generation of startup incubators. These include organizations such as Phandeeyar and Rockstart.

On the other hand, Myanmar’s digitally-savvy middle class has grown more slowly than many investors predicted, and the market has proven to be extremely fickle. However, the COVID-19 pandemic may benefit these sorts of ventures as Myanmar people turn to online shopping, e-payment and social media conferencing to carry on their lives remotely. Indeed, the government has said that it would support digital payment platforms to help small businesses conduct transactions despite restrictions of move.