Myanmar-based early-stage investment firm Emerging Markets Entrepreneurs (EME) and United Managers Japan Inc (UMJ) have jointly invested $750,000 in baby products e-commerce and delivery provider Kyarlay, according to an announcement.
Co-founded by the husband and wife team of Soe Lin Myat and Nang Mo, two former Garena executives, Kyarlay operates two stores in Yangon, an app and a website. In addition to shopping online, parents can access educational videos and other content from Myanmar’s leading paediatricians and obstetricians on its digital platforms.
“We’ve been watching Kyarlay for a while and we’re so pleased we’re able to support them, especially during this volatile time when others might shy away from new investments. Soe Lin Myat and Nang Mo have proven their ability to develop a leading business and EME is thrilled to join them in their journey. We’ll be helping to bring new and exciting products to market, but right now we’ll be helping to ensure that Kyarlay has everything it needs to help parents stay home and stay healthy,” said EME Director Hitoshi Ikeya.
Kyarlay has recently branched out into developing its own branded products for babies. It also plans to open additional stores in Yangon.
“Our plans will require constant adjustment and a lot of operational savvy, so we’re very happy that EME can be nearby to help us with this physical and digital growth,” said co-founder Nang Mo.
Founded in 2018, EME is backed by private investors as well as the Dutch Good Growth Fund. Kyarlay marks its eighth investment in Myanmar and its largest to date.
Most recently, EME led a six-digit seed funding round in Ezay, a Yangon-based rural e-commerce startup. The Myanmar-based venture capital firm has also invested in animation company Joosk Studio, car trading startup CarsDB, HR company Mote Poh and call centre Lan Thit Masterpiece Limited. The early-stage VC typically invests $50,000 to $250,000 per deal.
Meanwhile, founded in December 2004, UMJ is one of the oldest hedge funds in Japan with $800 million under management. The firm offers discretionary investment management, investment planning, investment consulting, and other services.