Asset management firm Dakota Ventures is betting on youth in Myanmar with its latest investment. The firm announced it will pour USD 1 million in synergistic and millennial-focused startups. It’s a move that could pay dividends considering the country’s age demographics.
A study commissioned by PR company Vero and conducted by Indochina Research found that there are approximately 16.6 million millennials in Myanmar. This figure accounts for 33 percent of the country’s total population. A further 28 percent of the population is between the ages of 10 and 24. The impact of this group is already being felt in Myanmar.
“Myanmar millennials to shape the marketplace and influence buying decisions for the whole family,” Brian Griffin, CEO, ASEAN region of Vero, stated. “Rather than always relying on elders for direction, the study indicates that millennials are using social media as ‘word of mouth’, and this in turn impacts how families consume and which companies they favor.”
No specifics were available at the time of the announcement, but investment could include startups in the education, consumer and infrastructure sectors. This would align with current holdings in the Dakota Ventures portfolio which includes an eSports investment, Kaplan Myanmar University College and multiple Japanese food and beverage operations.
See more: B2B tech startups are big business in India
Dakota Ventures also targets cybersecurity
The USD 1 million startup investment isn’t the only plans Dakota Ventures announced recently. The company also reached an agreement with cybersecurity firm Cybint to launch a cyber training center. It is believed this would be the first such facility in Myanmar.
“With more essential services going digital, cybersecurity takes on a bigger importance in safeguarding vital operations,” Daryl Teo, Dakota Ventures Managing Director told Deal Street Asia.
Construction on the cybersecurity center is set to begin in June. Initial estimates call on 500 cybersecurity professionals to be certified at the facility by the end of 2022 with the capacity to be scaled after that. As many as 10,000 cybersecurity experts could be trained at the center by 2025.
