Delta Capital Myanmar invests more money in internet service firm Frontiir

Sule Pagoda, Yangon, Myanmar. Photo: Harish Shivaraman/Unsplash

Existing backer Myanmar-based private equity fund manager Delta Capital Myanmar (DCM) is putting in additional capital in local internet service company Frontiir along with two of its limited partners as co-investors, according to a press statement.

Frontiir is the largest internet service provider in Myanmar offering wireless broadband and fiber to home internet access to companies, households, and individuals.

The Delta Capital LPs, who invested in the round, include Denmark’s Investeringsfonden for Udviklingslande (IFU) and Norway’s Norfund.

UK-based development finance institution CDC Group, which is also an LP in Delta Capital Myanmar, had announced a $30-million direct equity investment in Frontiir in July this year.

DCM’s investment is being done through Myanmar Opportunities Fund II (MOF II).

The deal marks the fifth investment for Delta Capital Myanmar, which backed Frontiir in its 2016 funding round.

Frontiir will use the proceeds for working capital and for network expansion.

Frontiir is one of the drivers for bringing down broadband tariff in the country, which was $50 per Mbps in 2016 and less than $3 per Mbps today. The company claims to have a subscriber base of 500,000 today compared to around 4,000 in 2016.

The company has operations mainly in Yangon and Mandalay, the two largest cities in the country. It plans to expand and reach over 20 cities and towns by 2022.

DCM has over $120 million of asset under management (AUM). It provides growth capital to leading entrepreneurs and businesses active across key growth sectors of Myanmar’s frontier economy.

DCM has been operating in Myanmar since 2013 with a total of five investments from its Myanmar Opportunities Fund I and two investments from Myanmar Opportunities Fund II.

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.