A Myanmar startup with an app for viewing comic strips on mobile devices has just secured funding from angel investors.
White Merak received US$140,000 from five local angels, who will get 23 percent equity in return. White Merak said in a press release that this funding will take its post-money valuation to US$600,000.
The startup has developed a reader app that lets you view animated comic books. The comics themselves are either written by its in-house team, or by famous Myanmarese authors and cartoonists.
White Merak was in the first cohort to pass through an acceleration program run by Phandeyaar Myanmar Innovation Lab – the country’s first-known tech startup accelerator. It says it secured more than 10,000 active users during its six-month stint with the accelerator.
According to its statement, White Merak will use the new funding to expand its services to comic book fans living outside of the major cities of Yangon, Mandalay, and Naypyitaw, where web connectivity is poor and entertainment options remain limited to TV and radio. As part of this drive it will devote resources to improving its app, including its payment facility.
Rapid mobile penetration and tech adoption since liberalization in Myanmar has led entertainment-focused businesses, like esports startup Spout, to explore growth opportunities in the country.