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.