Yangon-based digital consulting firm nexlabs has raised a six-digit equity investment led by Singapore-based venture capital firm Vulpes Innovative Myanmar Investment Company (VIMIC), the company announced on January 9.
Blibros Capital Partners, an existing investor, will also inject additional capital in the round alongside VIMIC.
Some of the services offered by nexlabs include web and app development, bespoke solutions, managing brand identity, social media management and customer insights and analysis. Its customers include Singapore Tourism Board, Wave Money, City Mart Holdings, Wall Street English, TOTAL and European Union Delegation.
“VIMIC is delighted to have the opportunity to be a part of nexlabs’ growth, nexlabs has an excellent track record of delivering digital solutions for Myanmar companies looking to innovate, and this is an incredibly exciting way for us to have a front row witnessing how leading Myanmar companies are implementing and adopting technology in a rapidly developing new digital economy,” said Field Pickering, managing partner of VIMIC.
Following the financing round, Pickering will join nexlabs’ board.
nexlabs had earlier secured seed investments from Singapore-based Blibros Ltd, a privately-held investment arm of Sweden’s Bocker family. By September 2015, Bilbros had made three rounds of seed investment, totalling $300,000.
The four-year-old startup led by Ye Myat Min was valued at $2.5 million at the end of 2015.
“This funding is an important financial achievement for nexlabs. We are very pleased to have VIMIC leading this new round of financing, together with our existing investor Bilbros, who continue to show commitment and support to the growth of the digital landscape in Myanmar,” said Min, CEO and founder of nexlabs.
Myanmar-focused VIMIC is managed by Vulpes Investment Management Pte Ltd, a Singapore-based investment manager, founded by Stephen Diggle. Vulpes was formerly known as Artradis Fund Management, once the largest Asia-based hedge fund.
Vulpes is currently raising a $25-million Myanmar-focused fund, its second such fund, for investing in early-stage ventures and growing companies.
Earlier, out of its first fund, it had invested in Chate Sat, an online platform connecting business and freelancers, Kargo, a logistics startup which won Seedstars Yangon 2017, and Bindez, a Yangon-based search engine and discovery platform.