Yangon-based property classifieds portal ShweProperty has raised a seven-digit dollar funding round led by an unnamed existing investor, a London-based emerging markets-focused fund, to grow its operations in Myanmar, the company announced on February 18.
The round was joined by Vostok New Ventures, a Sweden-based investment company focused on consumer products and online marketplaces, and ShweProperty managing director Kevin Goos, who was previously the CEO of real estate platform Century 21 Cambodia.
“We are delighted to be investing in the #1 Property Portal in Myanmar. They have strongest management team for online classifieds in the country, and their business traction is truly extraordinary. We look forward to working with the ShweProperty team to further grow and support their business,” said Per Brilioth, CEO of Vostok.
Vostok New Ventures Ltd is a NASDAQ and Stockholm-listed vehicle with $878 million in net assets. Its portfolio includes Russia’s online classifieds platform Avito, Middle East and Africa-focused property portal PropertyFinder.ae, and Hemnet from Sweden.
The ShweProperty team is led by CEO Justin Sway, founder and director Kaung Thu Win and Goos. Sway invested an undisclosed six-digit sum in the startup in May 2015.
Last year, the portal appointed seasoned real estate entrepreneur Gilles Blanchard as a strategic investor and raised a six-digit Series A led by institutional investors.
“With the latest round of funding, we intend to increase the incredible traction we have already achieved, and focus on increased operations in all facets of our advanced Property Portal business model. The team is 100 percent committed to our future success, and I’m very excited to be personally investing financially in the business too,” said Goos.
ShweProperty claims to have over 100,000 property listings on the site, connecting property buyers, renters and sellers. The company works with all the top developers and real estate agents in Myanmar.
“We are very delighted to welcome Vostok New Ventures to the ShweProperty family, and we look forward to working with them and the other very experienced shareholders to continue to dominate the Myanmar market,” said Sway who is also the CEO of JobNet.com.mm, a classified jobs portal in Myanmar. JobNet also fetched a seven-digit Series A in May 2017 led by institutional investors.