Myanmar-focused early-stage venture firm Emerging Markets Entrepreneurs (EME) Myanmar, has taken a significant minority stake investment in CarsDB, an online platform for trading new and used cars, and Joosk Pte Ltd, a digital animation and illustration company, according to an announcement.
The new fund, EME Myanmar, was launched last month by UMJ Ikeya Investment Ltd, a Myanmar-focused investment firm with backers including Emerging Markets Investment Advisors (EMIA), United Managers Japan, the Dutch Good Growth Fund and Singapore-based angel investor, Dr Yit Fan Wong.
This portal previously reported that EME Myanmar, with an initial corpus of nearly $3 million, is looking for investments with a ticket size of between $50,000 and $200,000 with options to make follow-on rounds in promising companies.
The investment in CarsDB is a joint investment between EME Myanmar, which led the round, and another investor.
In 2014, the classifieds portal secured its first round from Australian-listed investment firm Frontier Digital Ventures.
“EME will help CarsDB grow by providing key consultation on financial modeling, data science and strategy for new product launches,” as mentioned in the release.
EME is also looking to leverage on its partners, Oway for vehicle hire, and GL AMMK, which owns exclusive rights to finance Honda bikes in Myanmar, for auto financing.
Oway, GL-AMMK and Bagan Innovation Technology are among the investments of UMJ Ikeya.
Joosk – known for its animation series Gwen University and Bee Bee and Friends – has previously received investment from Ikeya Capital Management. Its clients include institutions like World Bank, UNICEF and WFP.
EME Myanmar is looking to support Joosk with business development, financial analysis and B2B sales. EME said it will facilitate the digital distribution of Joosk’s upcoming app through the platforms of Bagan Innovation Technology.
Other early-stage investment firms like Seed Myanmar, Rockstart Impact and Seedstars are among those aiming to support the development of the startup ecosystem of Myanmar.