Jan 16, 2017

Company That Moves Myanmar’s Restaurant Systems Into the Cloud to Get $500,000 Injection From Japan

A Japanese internet and cloud computing company is set to make its first venture into Myanmar via an investment in a company that offers mobile management services to restaurants. 

Tokyo-based Globalway Ventures is considering a $500,000 deal with code2LAB that would see it take a 30 percent stake in the company. Globalway has said it plans to invest about $100 million in Asia.
Code2LAB, headquartered in Singapore and founded in 2012, uses cloud storage to help restaurant chains in Myanmar manage their businesses. Their clients include Happy Noodles, Food City at Myanmar Plaza and Osaka Restaurants.

“The investment injection will help advance code2LAB’s product of SmartSales, which helps restaurant owners transform works done manually to ann integrated automated solution,” Min Zeya Phyo, code2LAB’s founder, told Deal Street Asia. “They intend to develop the features, include payment integrations through mobile money providers, banks and payment gateways and expand the marketing around Myanmar.

The company is also planning a new product, said Min Zeya Phyo. DOE Mal can be used on smartphones and enables customers to check reviews of restaurants and access coupons, which they will then be able to display on-screen to staff at the restaurant.

“We are planning to have a soft beta launch in mid-January. It will have limited features, just restaurant listings at first, followed by monthly feature releases,” said Min Zeya Phyo.

The company will officially launch DOE Mal in April and plans to cover the whole of Myanmar by the end of the year.

Source: Myanmar Business Today