Anthem Asia, an independent investment and advisory group made an undisclosed, six-digit investment in Revo Tech, a Yangon based creative digital agency that is well-known for an educational app named “Phew”.
The investment will be made into Phew Tech Pte Ltd – Revo Tech’s Singapore registered parent company- and Anthem Asia will become the largest minority shareholder in Phew Tech, according to an announcement by Anthem Aisa.
Myo Myint Kyaw, founder and chief executive officer of Revo Tech started the team since 2012 after finishing his studies from UK and working in Singapore.
“We are delighted to back Myo and his team and their ambitious plans for both the digital agency services business and the company’s app suite,” said Genevieve Heng, co-founder and director of Anthem Asia.
The investment will help Revo Tech add new modules to their educational app, and also aid it offering digital solutions ath are mostly website-based or mobile app-based solutions, with an e-commerce element; as well as management of clients’ social media channels such as Facebook, LINE and BeeTalk.
With an ambition to become a leading digital agency, Revo Tech plans to expand its human resources,Myo Myint Kyaw told DEALSTREETASIA. The team currently employs about 40 people.
“Revo Tech gives companies the online presence they need that will help guide the development of Myanmar as it becomes a significant Southeast Asian market in the coming years,” said Heng.
The Ministry of Communications and Information Technology states that with a population of about 51 million, Myanmar’s telecom penetration has grown from around 10 per cent in 2013 to over 60 per cent by September 2015. .
Clients of Revo Tech include high-profile companies like Nissan, the World Bank, Ooredoo and also some local clients like KBZ Bank and Citymart supermarket.
“With Anthem Asia as a partner, we will be able to accelerate our growth, enabling us to take our services to more clients and to offer a greater range of products and services,” he said.
It also plans to expand their work of being a “web factory” providing services specially to small and medium sized enterprises that require a more basic digital presence.
Revo Tech is one of the several investments that Anthem Asia has made in the past two years. In 2015, the firm invested in mobile data collection platform Xavey, which converts paper-based research forms into digital applications, and the newly opened MOVE, an international standard fitness and wellness facility situated in downtown Yangon.