Myanmar’s JobNet raises “seven digit” US dollar funding to grow traction

Anisa Menur

JobNet described lead investor of the round as a “London-based emerging markets-focussed fund”

Myanmar-based online jobs portal JobNet announced that it has raised a “seven digit” US Dollar funding round led by an undisclosed existing investor, which the company described as a “London-based emerging markets-focussed fund.”

Sweden-based Vostok New Ventures, which focusses on companies with “network effects” such as online marketplaces, also participated in the current round.

The funding round followed another seven-digit US Dollar Series A funding round the company has raised in May 2017.

In a press statement, JobNet Managing Director Matt De Luca explained that the company plans to use the new funding to grow its traction.

“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 jobs portal business model. Our team is 100 per cent committed to our future success,” he said.

Also Read: BiT, the developer of Myanmar’s popular Bagan keyboard, raises pre-Series B funding

JobNet CEO Justin Sway (left) and MD Matt De Luca (right). Image Credit: JobNet

Led by De Luca and CEO Justin Sway, JobNet is currently run by a team of over 75.

In addition to running an online jobs portal, JobNet also runs the Myanmar Employer Awards since 2017.

It raised an undisclosed “six digit” US Dollar seed funding round in May 2015 from Sway and Jonah Levey of VietnamWorks.

In the local market, JobNet is competing with Rocket Internet’s Work.com.mm.

Sway is also the owner of online property site ShweProperty, which has raised a “six-digit” US dollar Series A funding round in 2017.

The post Myanmar’s JobNet raises “seven digit” US dollar funding to grow traction appeared first on e27.