Chate Sat, a freelancer platform, has raised six-digit USD funding in a pre-Series A round led by Singapore angel investors Willy Ballmann and Keizo Fujitake.
The announcement, made by Chate Sat parent Technoholic Pte Ltd, stated that the financing will help the startup increase its internal resources and accelerate talent recruitment. The company is expected to close the round this year.
Chate Sat was founded in 2016 by Honey and Shwe Yee Mya Win to disrupt the freelance marketplace in Myanmar.
“We are thrilled that our vision, enthusiasm and prospects have been highly recognized by the international investment community. As a pioneer in developing the freelance community in Myanmar, Chate Sat has undergone phenomenal growth in a very short period, which validates our unique positioning and the associated first-mover advantages we have gained as a result,” said Technoholic CEO Honey Mya Win.
The financing comes at a time when the founders are getting ready to expand the platform to other Mekong countries.
“We are trying to get more projects outside Myanmar, then will onboard local freelancers from Mekong countries,” said Mya Win.
The startup aims to target Myanmar students studying or working in other countries to kick off its expansion plans.
The platform now has over 14,000 freelancers such as web and mobile developers, designers, digital marketers, content writers, animators, photographers, promoters available on a single platform.
“I believe investing in Chate Sat presents a great opportunity to boost Myanmar’s tech startup ecosystem. Chate Sat’s current market leading position firmly establishes the company to be the future centre and hub for Myanmar’s gig economy,” said Willy Ballmann.
Ballmann formerly worked as a portfolio manager at Singapore wealth fund GIC and as managing partner & COO at Dymon Asia Capital. Fujitake is a former investment banker.
Chate Sat was born out of Phandeeyar Accelerator’s first cohort and Phandeeyar was its first investor. The startup raised seed funding from Seed Myanmar (previously VIMIC), Theta Capital and a Myanmar-based angel investor in July 2017.