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Kone Si acquired additional funds from YCP and Nest Tech

Myanmar-based logistics company Kone Si receives a 6-digit sum of new funds from Yangon Capital Partners (YCP) and Nest Tech.

Kone Si is an innovative load-pooling logistics solution provider for small and medium enterprises in the retail sector. It helps its clients save 50% of their logistics costs, increase their retail reach and focus on other productive tasks by taking full responsibility for their retail distribution.

The said fund came from Yangon Capital Partners (YCP) – an investment arm of the financial advisory Trust Venture Partners and Nest Tech – a venture capital firm that invests in and nurtures technology entrepreneurs at the seed and early growth stages. The company did not reveal the amount but was reported to be a six-digit sum.

According to the logistics company, the new funds will be used to further develop the use of its technology platform, hire talented staff, and of course, to expand its market around Myanmar, and eventually to other countries.

“We believe that understanding the power paradigm between the customers and truck suppliers is the key to success in the business,” Ma Zar Phyu Tint Lwin, CEO of Kone Si stated.

“In addition to that, knowing the freight flow throughout the year in the country is critical to help our partner truckers get the return loads and operating efficiencies,” Lwin said.

Founded in 2017, the startup was one of the selected team members of Phandeeyar, a community tech hub for the Myanmar startup ecosystem, Accelerator Program in 2017. The company claims that they have worked with over 10 repeating clients to deliver over 140 million Kyat worth of goods.

“Before they first joined Phandeeyar’s Startup Challenge 2017 and, later on, were invested by Phandeeyar in 2018, we’ve seen intense growth, both on them as founders and their startup as a business,” said Joao Dutra (Kyaw Aung), startup ecosystem director at Phandeeyar.

“This new round of investment reinforces our initial belief that they are on a path to positively transform the logistics industry in Myanmar,” Dutra added.

The funding round is the second investment round for the logistics company.