Myanmar’s property portal ShweProperty.com has raised $3 million in a Series B funding round led by Singapore-based private equity fund Emerging Markets Investment Advisers (EMIA), according to an announcement.
Other investors including 500 StartUps, Simon Baker (ex-chairman iProperty and Mitula Group); the family office of Dinh Thi Hoa, (Chairwoman Galaxy Media & Entertainment Vietnam) and existing investors Vostok New Ventures (Nasdaq Stockholm) and a UK Based Investment fund also participated in the round.
Founded in 2011, Shwe Property was the first property portal established in Myanmar. It connects property buyers, renters, and sellers.
The capital raised by Shwe Property will be used to accelerate its business operations, sales and marketing, and product development.
“We were impressed by one of the strongest management teams in IT technology we’ve seen, and their great strength in online real estate portals is reflected in their market leadership and high-quality shareholder base,” said Trent Eddy, Chief Investment Officer for EMIA.
The current investment in ShweProperty marks 500 Startups first foray into the Myanmar market. “They are a reputable group ……and a strong leadership team, we are excited to play a part in their journey,” said 500 Startups, CEO, Natavudh Pungcharoenpong.
To date, the firm has invested in businesses across a range of sectors including education, financial services, food & beverage and agri-processing.