Switzerland’s VC firm Seedstars has confirmed that it will back a total of US$1.1m to build Yangon Innovation Center (YIC), as reported by Deal Street Asia.

“The fund will be used to develop the country’s startup ecosystem for the next five years,” said Yangon Region’s Kayin ethnic affairs minister Naw Pan Thinzar Myo.

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The agreement was reportedly signed on October 5, 2018 between the Yangon Regional Government and Seedstars.

The location of YIC will be in Seikkan township.

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The initial fund to kick off the project will be a capital of US$250,000 to refurbish the location.

Seedstars came into the picture of the plan when it won a government bid to operate on the center. Seedstars will be involved in the building, operating, as well as transferring the system.

YIC plans to support 50 startups during the course of five years.

Photo by Harish Shivaraman on Unsplash