“We believe that MOC and Combiz have many synergies and a very similar vision. We feel that like Combiz, MOC will also become one of the fastest growing companies in Myanmar,” said Tha.
The equity investment is the second tranche of MOC’s Series A round. Prior to this, MOC had received the first tranche of another six-digit investment (US dollars) from Yangon-based financial advisory firm Trust Venture Partners, and Information Matrix CEO Thaung Su Nyein.
Local venture capital BOD Tech also joined the financing round with plans to contribute to the content as well as forge cross-product partnerships.
So far, MOC has launched six online platforms and apps, with one gaming platform scheduled to be launched in December. Its team is led by Win Ohn, who is also the CEO and president of Canada-based MediaNation. Ohn owns a majority stake in MOC.
“Combiz is one of the fastest growing businesses in Myanmar. For us, we see a great benefit to be able to bring new online technology and to have the opportunity to integrate our technology into Combiz’s other businesses,” said Ohn.
With the latest investment and taking into account all seven of its platforms, MOC’s valuation now stands at about $5 million, Ohn told DEALSTREETASIA.
Combiz covers areas including information technology and communications, trading, distribution, property development and construction. Tha also leads Myanmar Technology and Investment Corp, which is among the 11 local companies behind the country’s upcoming fourth telecom operator, Myanmar National Tele & Communications Ltd.
“MOC will definitely be a huge asset for Combiz. We feel it can bring huge value to our existing line of business in future growth and technology with online,” said Tha.
The equity investment was made a month ago and Tha will gain a seat on the board of MOC.
To date, MOC has already launched six platforms. These include Onlyinburma.com, a Burmese news and information portal; Lolburma.com, a social media platform; Langyaung.com, which provides GPS mappings for local business; Phoosar.com, a dating site dedicated to Myanmar nationals; and ezdin-gar.com, a billing payment system based on QR codes. Last week, MOC launched an entertainment platform named Byscote.com, a video-on-demand platform with an Asian focus.
By December, MOC is planning to launch its seventh platform, Game Gabar, a full-gaming platform in Burmese language.
Phoosar was the first platform to generate revenues for MOC and the company aims to generate revenues from Byscote and Game Gabar as well.
Myanmar, with a population of 54 million, had a 92 percent SIM card penetration by late 2016. Out of that, with about 55 percent users having a smartphone, MOC is looking to cover a potential market size of about 25 million users in Myanmar.
Ohn said currently, a lot of technical support is provided by its team in Toronto, Canada. “Our goal is to transition and to also try and find local talent that we can train and mentor from a coding standpoint. We have hired several coders and developers here and they are being trained by our team in Canada,” he said.