Myanmar: Social media site Momolay secures $200k seed round from Singaporean investors

Myanmarese social media portal Momolay has secured a seed round of US$200,000 from Singapore investors. The frontier market, with an estimated population of up to 60 million, is largely untapped and has consumers just starting to adopt mobile services. Currently, Internet penetration stands at only around 1 per cent of the population but is expected to grow.