Myanmar-based Xavey is working towards providing decision makers with reliable, timely information about people’s attitudes, habits and spending patterns in a country where raw data is often hard to collect or out of date, the company said.
Anthem Asia is investing a six-figure US dollar sum as a first phase, and this will eventually see it become the largest minority shareholder in Xavey Pte. Ltd., a Singapore-registered entity operating out of Yangon.
Xavey was established in December 2013 by entrepreneur Aung Sithu Kyaw.
“We are delighted to back Aung and team and their ambitious plans to roll out a range of exciting new products that will make conducting surveys and undertaking research easier and more efficient,” said Genevieve Heng, co-founder and director of Anthem Asia.
“The Xavey platform gives clients the data they need to make smart decisions that will guide the development of Myanmar as it becomes a significant Southeast Asian market in the coming years,” she added.
Xavey currently offers market research firm, NGOs and other clients the ability to conduct Myanmar- and English-language field surveys using mobile devices. It converts paper-based research forms into mobile applications. The product runs online, via the cloud, or offline.
The size of Anthem Asia’s fund is not known, but the firm invests anywhere between $100k to $1.5 million in its portfolio companies.
Xavey is among the many investments that Anthem Asia has made in the past 18 months, with the other prominent ones being Blink Agency, a digital marketing joint venture, and Zagar Communications, a marketing and communications services firm for foreign clients and for third-party PR agencies based outside the country.
Anthem Asia, that is run by Genevieve Heng and Josephine Price, both of whom have extensive investment and private equity experience growing companies in emerging Asian markets, has also invested in Hintha Business Centres and Thahara, a marketing and management platform offering access to small, unique properties across Myanmar.