The funding was led by Willy Ballmann and Keizo Fujitake, who are angel investors based in Singapore
Technolic, the parent company of Myanmar-based freelancer platform Chate Sat, has raised a six-digit funding in a Pre-Series A round led by Singapore-based angel investors, Willy Ballmann and Keizo Fujitake.
The company will use the newly-raised capital to grow its internal business resources and expand its team.
Launched in 2016 by Phandeeyar Accelerator Cohort 1 alumni Honey and Shwe Yee Mya Win, Chate Sat curates freelancers of various expertise, including web and mobile developers, designers, digital marketers, content writers, animators, photographers, promoters, and more.
It currently has over 14,000 freelancers on its platform and has expanded to beyond its borders to countries such as Thailand, Malaysia, Singapore, and even Western countries. Chate Sat’s market focus now, however, is on Mekong countries including Cambodia, Laos, and Vietnam, as well as its home base.
“I believe investing in Chate Sat presents a great opportunity to boost Myanmar’s tech startup ecosystem. Chate Sat’s current market leading position firmly establishes the company to be the future centre and hub for Myanmar’s gig economy,” said Ballman, in an official statement.
Ballman is a former Portfolio Manager at the Government of Singapore Investment Corporation (GIC) and a former Managing Partner & COO at Dymon Asia Capital, while Fujitake is an ex-investment banker.
Chate Sat previously secured seed funding from Seed Myanmar (previously VIMIC), Theta Capital and a Myanmar-based angel investor in July 2017.
“Chate Sat has undergone phenomenal growth in a very short period, which validates our unique positioning and the associated first-mover advantages we have gained as a result. We have been extremely glad to receive continuous support from our investors and recognition of the value that our product provides, especially in this current tough economy,” said Mya Win, in an official press statement.
In an emerging market like Myanmar, Chate Sat has little rivals to contend with. The few that may pose a challenge to the company include MM Freelancer, though there is little data to examine it has the capabilities to do so.
Image Credit: Chate Sat
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