JobNet.com.mm, the preferred sourcing platform for Myanmar companies and job seekers, recently secured another major 7-digit funding deal. The size of the investment is undisclosed, however, the funding round was led again by a major emerging markets-focused London-based fund who is an existing investor, with Vostok New Ventures from Sweden also participating in the round.
Vostok New Ventures Ltd is a ~USD 878M (net asset value) investment company listed on the NASDAQ Stockholm stock exchange (Sweden), that uses their experience, expertise and a widespread network to identify and invest in assets with considerable potential for value appreciation. They focus on companies with network effects, such as an online marketplace, particularly in emerging markets worldwide. Vostok has a proven track record of only investing in #1 players in emerging markets, including Avito (Russia’s leading online classifieds platform), PropertyFinder.ae (#1 property portal in UAE,MENA), Hemnet (Sweden’s leading property portal), Rozee (leading job site in Pakistan), Wuzzuf (leading job site in Egypt).
“We are thrilled to be investing in the #1 jobs portal in Myanmar. JobNet has by far the strongest leadership team for online jobs and recruitment in the country and their traction is outstanding. We are very impressed with their strategy, and their execution ability is world class. We look forward to working with the JobNet team to further support and grow their business”, commented Vostok CEO, Per Brilioth on their recent investment.
JobNet’s other shareholders include Justin Sway (ex. FastTrack – #1 recruitment software in Australia, NZ) and Jonah Levey (ex. VietnamWorks #1 job site). JobNet’s investors are both private and institutional and include some of the most successful online classifieds, recruitment and jobs portal entrepreneurs in the world. The outstanding line up of shareholders is a testament to the confidence they have in JobNet’s proven leadership and future success. All investors are committed, ready, willing and able to participate in follow up rounds if necessary in the future.
The first round of seed funding for JobNet was in May 2015, when Justin Sway and Jonah Levey invested an un-disclosed high 6-digit sum. This was followed by another un-disclosed 7-digit series-A round of funding by institutional investors in 2017, followed by this next major 7-digit funding announcement. This new announcement sees JobNet, securing the largest single round of funding ever raised for any online jobs portal or online classifieds business in Myanmar.
JobNet.com.mm is backed by seasoned directors with over 20 years in the online jobs and recruitment space, the company has acquired significant value and brand loyalty from the nation’s job seekers and the country’s top employers. This combined with a strong team comprising over 75 staff, and a solid transparent and auditable financial and business operation (a rare find in frontier markets), has helped them to succeed in obtaining major new funding in under four months.
JobNet is led on the ground in Myanmar by experienced CEO and Myanmar born, Justin Sway and MD, Matt De Luca (ex. Rocket Internet).
“We are extremely grateful to be working and growing with our very special clients in Myanmar. With this major round of funding, we intend to increase the outstanding traction we have already achieved, and focus on increased operations and services in all parts of our advanced jobs portal business model. Our team is 100% committed to our future success.” said Matt De Luca.
JobNet also owns and runs the first ever Myanmar Employer Awards MyanmarEmployerAwards.com. Launched in 2017, the awards are a platform for employers across all industries to strive towards raising the bar in innovating and implementing effective HR practices to further the country’s growth. The program independently recognizes companies with good leadership in developing their people, who work to drive their corporate objectives forward by also becoming an employer of choice. It is a vehicle that will encourage, drive and inspire corporate Myanmar to put people first as their most important asset for success.
JobNet CEO Justin Sway commented, “The JobNet team are doing a phenomenal job and it’s fantastic to see our existing UK Institutional investor and Vostok New Ventures investing in this major round. It’s a real testament to our # 1 market position, extraordinary growth, and continued success. This combined with our experienced shareholders and strong management team will help us to continue to cement our #1 position in supporting Myanmar’s employers and recruitment industry. We are delighted to welcome Vostok New Ventures to the JobNet family, and look forward to working with them to continue to lead and shape the Myanmar market.”
This significant win for JobNet comes off the back of another major round of 7-digit funding for their sister company ShweProperty.com (also Myanmar’s #1 real estate and property portal) just recently announced in February 2018. Both JobNet and ShweProperty are kicking off 2018 with a big bang; with fresh new funding and strong new institutional investors.
Edited by G. Davila
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