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.
Launched by Soe Lin Myat in February 2015, Momolay is a mobile-first entertainment app focusing on light content. Tech in Asia reported that the money, raised from Singaporean investors, will be used to expand its team and form partnerships with content publishers in Myanmar.