Myanmar’s JobNet secures seven-digit US dollar investment

Photo: The Management of

Yangon-based jobs platform JobNet announced on Wednesday that it has raised a seven-digit US dollar funding round led by an unnamed existing investor, a London-based emerging markets-focused fund.

Vostok New Ventures, a NASDAQ Stockholm Exchange-listed consumer product-focused investment company, also joined the round. On its website, the firm says it typically seeks investments where it can become a significant minority shareholder and actively manage the investment through board representation. Portfolio companies include Delivery Hero, Russia’s online classified platform Avito, from UAE and MENA, Sweden’s Hemnet and Pakistani jobs site Rozee.

“With this major round of funding, we intend to increase the outstanding traction we have already achieved, and focus on increased operations and services in all parts of our advanced jobs portal business model,” said Matt De Luca, managing director of JobNet.

JobNet last year claimed to have attracted over 400,000 visitors through over 45,000 job applications a month. This will be the second time the startup has raised a seven-digit funding round. In May 2017, it raised a similar round led by undisclosed institutional investors.

“We are very impressed with their strategy, and their execution ability is world class. We look forward to working with the JobNet team to further support and grow their business,” said Per Brilioth, CEO of Vostok.

The investors in JobNet’s latest round also took part in a seven-digit US dollar financing raised in February by, a sister company of JobNet. The two companies fall under MMOne Online Co Ltd, in which Justin Sway is a majority shareholder.

Started in January 2013, JobNet was seed funded by Sway’s own financing, followed by a second tranche of six-digit sum in May 2015, contributed by Sway and Jonah Levey, founder of Vietnam’s leading job site,

“It’s a real testament to our # 1 market position, extraordinary growth, and continued success,” said Sway.

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