Investment firm Frontier Digital Ventures has made two investments in the early stage market of Myanmar. They have invested into the leading online property website iMyanmarhouse and the leading online automobile website MyanmarCarsDB.
Myanmar has strong growth Internet penetration and mobile phone adoption and is being called by some “the next tiger economy”. It is a true mobile-first market with the government recently announcing that it aims to make 80% of its 60 million people mobile phones users, as well as bring half the population online by 2016. Norwegian telecom firm, Telenor registered 2m users just two months after opening their first store in Rangoon in September this year. Qatar Telecom’s Ooredoo has also recorded millions of subscribers within months of launching in August 2014. According to Ooredoo’s projections, the company anticipates that Myanmar will be its second largest market outside of Indonesia.
iMyanamarHouse.com is the Myanmar’s leading property portal. Launched in October 2013, the site currently has over 31,000 properties listed for sale or rent, and is the country’s highest trafficked website by consumers looking real estate and property information and news.
Shaun Di Gregorio, CEO of Frontier Digital Ventures commented: "Myanmar is the last untouched market in Asia. Frontier’s two investments in both the leading automotive site and leading property site, ideally position us as Myanmar’s market emerges. We are actively working with the management teams of both companies to accelerate their growth and
extend their market leadership."
The amount invested and the valuation were not disclosed.
Source: Press release