Cambodian tech start-up Joonaak Delivery was selected among 12 finalists in the global start-up competition Seedstars Global Summit in Switzerland, which ended on April 5.
However, it did not win the final round of the competition, the firm’s founder said on Wednesday.
A total of 8,000 start-ups applied to the 2018 series of the competition – for a chance to be crowned 2019 winner – with over 900 selected to pitch at the sessions hosted in about 75 countries.
Joonaak Delivery co-founder Long Leakhena on Wednesday said reaching the finals was a great milestone for her company as it proves to international investors that the Joonaak business concept is innovative and has growth potential.
“It is a rare achievement and we hope that this will encourage the next generation of Cambodian start-ups to dream big and go far,” she said.
Leakhena said the feat will attract potential investors to seek growth with local start-ups. “We hope this achievement will help us to grow further and make it easier to raise funds from investors for business expansions.”
Among the 12 finalists, there were three African start-ups, four from Latin America, three from the Middle East and two from Asia.
Officially launched in March 2015, logistics start-up Joonaak Delivery offers physical delivery and storage services while integrating technology to solve last mile issues efficiently.
Leakhena declined to reveal the current size of her company’s operations but said it was growing annually. The firm currently employs 40 people – up from 21 in 2015.
Only one company was selected as the winner. Argentinean education technology start-up Blended was crowned 2019 Seedstars Global Winner at an awards ceremony in Lausanne, Switzerland on April 5. It walked away with up to $500,000 in equity investment.
Blended aims to improving communication between schools and families with a communication platform that generates engagement between parents and teachers.
Ministry of Posts and Telecommunications secretary of state Kan Channmeta who led the Cambodian start-up delegation to the Seedstars Global Submit in Switzerland said reaching the final round of a global competition is a good achievement for Cambodian firms.
He said the accomplishment was in line with the government’s plan for a digital economy and adapting to the Fourth Industrial Revolution for long-term growth.
“The Cambodian government will continue to encourage and support start-ups in Cambodia to engage in such global competitions and win titles,” he said.