Myanmar’s job distribution and search platform JobNet to raise seven-digit investment in dollars

Wed Mar 7, 2018 - 8:30am UTC
JobNet

JobNet

7/3/2018 – Yangon-based jobs platform JobNet announced on Wednesday that it has raised a seven-digit US dollar funding round led by a London-based emerging markets-focused fund which remains unnamed.

“With this major round of funding, we intend to increase the outstanding traction we have already achieved, and focus on increased operations and services in all parts of our advanced job portals business model,” said Matt De Luca, the managing director of JobNet.

This will be the second time the startup has raised a seven-digit funding round. In May, the company raised a similar round led by undisclosed institutional investors.

Vostok New Ventures, a NASDAQ Stockholm Exchange-listed investment company which focuses on consumer products also joined the round.

The firm typically seeks investments where it can become a significant minority shareholder as this allows them to actively manage the investment through board representation.

“We are very impressed with their strategy, and their execution ability is world class. We look forward to working with the JobNet team to further support and grow their business,” said Per Brilioth, the CEO of Vostok.

Other portfolio companies in JobNet also includes Delivery Hero, Russia’s online classified platform Avito, PropertyFinder.ae from UAE and MENA, as well as Sweden’s Hemnet and Pakistani jobs site Rozee.

Investors in JobNet’s latest round also took part in a seven-digit US dollar financing for the sister company of JobNet, ShweProperty. The two companies are owned by an MMOne Online Co Ltd., in which Justin Sway is a majority shareholder.

Founded in January 2013, JobNet was seed funded by Sway’s own financing, followed by a second tranche of six-digit sum in May 2015. The round was also financed by Sway and Jonah Levey, the founder of Vietnam’s leading job site, Vietnamworks.com.

In 2017, JobNet claims to have attracted over 400,000 visitors through over 45,000 job applications a month.

“It’s a real testament to our No.1 market position, extraordinary growth, and continued success,” said Sway.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.