JobNet.com.mm, a Myanmar-focused jobs website, has secured a seven-digit Series A investment led by institutional investors with strong experience in developing successful online classifieds businesses worldwide, according to the company announcement on May 21.
The investment comes over two months after ShweProperty.com received a six-digit sum from some institutional investors. Incidentally Justin Sway, CEO of JobNet.com.mm, also leads ShweProperty.com.
Both JobNet.com.mm and ShweProperty.com fall under the venture umbrella of MMOne Online Co Ltd in which Sway owns majority.
“We are very pleased with the latest round of funding. It will help us to further accelerate our strategy as the number one jobs and online employment portal in Myanmar,” said Matt De Luca, managing director of JobNet Myanmar.
JobNet Myanmar started out with a seed funding in January 2013 through Sway’s own financing. In May 2015, it scooped up a second round of funding led by Sway and Jonah Levey, founder of Vietnamworks.com, a leading job site in Vietnam.
Prior to leading MMOne Online, Sway founded FastTrack, a leading provider of integrated platform for recruitment, payroll, billing and finance for the staffing industry in Australia and New Zealand. He exited the firm in 2014 for about $24 million.
JobNet Myanmar claims to attract over 400,000 visits generating around 45,000 plus job applications a month. Its sister company, ShweProperty.com, claims to have attracted 700,000 visitors in a month last year.
The list of employers who access their platform include Ooredoo, MPT, UniLever, Capital Diamond Star Group, KBZ Bank and Manpower Group.
“We are delighted to welcome our new investors; it’s a real testament to the phenomenal traction and results we have achieved. Our new investors bring a wealth of knowledge and IP, with a proven track record in building successful online job portal businesses globally. This, combined with our strong, local and numerous years of business experience, will further accelerate JobNet as the number one player in the job portal space in Myanmar,” said Sway.
In a previous interview with DEALSTREETASIA, Sway had said, amidst the huge opportunity in the Internet led businesses, the key is whether the businesses can scale.
Myanmar has seen a surge interest from users and investors in online classified businesses since better Internet connections picked up post 2014. Rocket Internet has made a number of investments in such portals including work.com.mm, house.com.mm, motors.com.mm. Malaysia’s Frontier Digital Ventures has made investments in CarsDB and iMyanmarHouse.com.