Myanmar’s ShweProperty.com, a leading property classified site has raised a six digit series A for the expansion of the team and its marketing efforts, the company said. The investment was led by institutional investors who have significant experience in developing successful online classifieds and property portals worldwide, it added.
The portal, led by CEO Justin Sway and managing director Kaung Thu Win, had bagged its first round of seed funding in May 2015, which it claimed was an undisclosed six-digit sum.
The portal said it has over 60,000 up-to-date premium property listings, connecting buyers or renters to sellers.
“The funds will be used to bolster the Leadership team, drive sales and marketing efforts, build strong relationships with developers and agents and increase product development to deliver more visibility and productivity services,” said Sway in an interaction with DEALSTREETASIA.
Aligned with ShweProperty, Sway also is the CEO of JobNet.com.mm, a job portal in Myanmar. The two portals come under the venture umbrella of MMOne Online Co Ltd.
ShweProperty said that while they had got three interested parties who preferred to make an investment, it eventually chose one that matched it best, while adding that this investor had prior experience in investing in this space in putting capital into classifieds and property portals globally.
Sway further said that it was at the right time to invest in Myanmar, and he had purchased myanmarjobsmarket.com, Myanmarpropertymakets.com and Myanmarcarsmarket.com, back in 2013.
As a relatively new market, with Myanmar approving investment to foreign telecom operators only in 2014, and the country having a civilian government in place only in 2016, market watchers and entrepreneurs there say that getting funding is “quite difficult” when compared to other countries in the region like Vietnam, Thailand or Indonesia.
“We were fortunate to close the round in around three to four months, primarily because we could easily show enormous relevant traction, and have a strong management and leadership team on the ground,” said Sway.
In Myanmar, Rocket Internet has already invested in a number of online classified portals like work.com.mm, house.com.mm, motors.com.mm, and Malaysia’s Frontier Digital Ventures that is focused in classifieds has funded locally managed portals like CarsDB and iMyanmar House.
Sway said Myanmar was a very competitive market with some features like monetizing online classifies being at its initial phase. They are more concerns about execution than funding or cash-flow, he added.
“We’ve watched our competitors closely who have had a 2-3 year head start in in the market. However our A-grade teams have executed far more effectively with precision (rather than scatter gun approach), thus spending far less than the competition with much greater impact and results,” Sway claimed.