Asia Digest: Yangon Broom secures third funding round; OBOR bags fund management licence

OBOR Management Chairperson Christophe Forsinetti

Myanmar’s on-demand household cleaning business Yangon Broom has secured its third funding round led by Yangon Capital Partners, while venture capital firm and fund manager OBOR Management has been issued a Fund Management License by the Securities Exchange Commission of Cambodia.

Myanmar’s Yangon Broom raises third funding round

Myanmar’s on-demand household cleaning business Yangon Broom has secured its third funding round led by Yangon Capital Partners, according to an announcement. Existing investors, including Emerging Markets Entrepreneurs (EME Myanmar) and Nest Tech, also participated in the fundraising.

The financial terms of the investment were not disclosed.

Yangon Broom was founded in 2016 by Kyi Min Han and Kyaw Min Tun, who combined their experiences in recruitment and international quality cleaning, to hire and manage hundreds of maids.

“We were attracted to Yangon Broom because of the trust and reviews of their customers, as well as a clear market trend toward outsourcing domestic cleaning,” said Shinsuke Goto, managing director of Yangon Capital Partners.

Yangon Capital Partners has made several investments in Myanmar, including in logistics company Konesi, and Flexible Pass, which gives its users access to gyms and fitness clubs.

Cambodia’s OBOR bags fund management licence

Cambodia-based venture capital firm and fund manager OBOR Management has been issued a Fund Management License by the Securities Exchange Commission of Cambodia (SECC), according to an announcement.

With the new licence, OBOR Management will offer small- and medium-sized enterprises (SMEs) and startups alternative sources of reliable and regulated funding, while giving local and international investors the opportunity to invest in the fast-growing Cambodian market.

The Fund Management License is one of several permits the SECC began issuing since mid-2018 to allow private individuals or entities to act as fund managers in Collective Investment Schemes (CISs).

OBOR Management chairperson Christophe Forsinetti said that the licence will give investors confidence and allow OBOR to mobilise significantly more investment to Cambodian SMEs.

“In addition, investment vehicles allowed under the licence will expand financing strategies for SMEs and startups beyond bank and Microfinance Institutions (MFIs) loans, while allowing local investors to diversify investments into new asset classes previously limited to real estate purchases and bank deposits. We are looking forward to establishing our first Cambodian SME Fund,” he added.

In February, Forsinetti had told DealStreetAsia that OBOR Capital, which is managed by OBOR Management, is targeting a corpus of $30 million, and plans to invest $13 million in startups in CLMV (Cambodian, Laos, Myanmar, Vietnam) this year.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.