se­cures an­other se­ries-A, seven digit funds to ac­cel­er­ate growth

Mizzima Business Weekly - - CONTENTS - has se­cured a ma­jor Se­ries-A fund­ing deal. The size of the seven-digit in­vest­ment is undis­closed, how­ever the in­vest­ment was led by in­sti­tu­tional global in­vestors who have strong ex­pe­ri­ence in de­vel­op­ing suc­cess­ful on­line clas­si­fieds busi­nesses world­wide, ac­cord­ing to a press re­lease.

The round was closed in ap­prox­i­mately 3 months af­ter com­ple­tion of a very rig­or­ous due dili­gence and com­pli­ance process. This was ex­tremely im­por­tant, es­pe­cially with the lack of reg­u­la­tion and prop­erly au­ditable trans­parency that can be found in most star­tups in Fron­tier mar­kets. With strong in­ter­est from a num­ber of in­sti­tu­tional in­vestors glob­ally, JobNet’s share­hold­ers chose in­vestors with rel­e­vant in­dus­try ex­pe­ri­ence, a good cul­tural fit who share their ethics, val­ues and high stan­dards for ex­cel­lence.

JobNet Myan­mar is led by ex­pe­ri­enced CEO - Justin Sway and MD - Matt De Luca.The first round of seed fund­ing for JobNet was in Jan­uary 2013 by Sway and the sec­ond round in May 2015 when Sway and Jonah Levey (Founder Viet­nam­ in­vested an­other sig­nif­i­cant undis­closed sum.

With over 40 years of com­bined ex­pe­ri­ence in the re­cruit­ment mar­ket be­tween these two ex­pe­ri­enced entrepreneurs, and the fact that Sway was orig­i­nally born in Myan­mar, it was an ob­vi­ous choice to en­ter and dom­i­nate the mar­ket. has achieved a dom­i­nant po­si­tion in terms of the high­est traf­fic, job seek­ers and ap­pli­ca­tions per month com­pared to any other job site in the coun­try, and in­cludes the ma­jor­ity of the top 1,000 Em­ploy­ers in Myan­mar as ac­tive users of the site to re­cruit the best tal­ent in the mar­ket.

“We are very pleased with the lat­est round of fund­ing. It will help us to fur­ther ac­cel­er­ate our strat­egy as the num­ber one Jobs and on­line em­ploy­ment por­tal in Myan­mar, con­nect­ing Em­ploy­ers and Job Seek­ers in an in­te­grated site quickly and ef­fec­tively,” said Mr. De Luca.

JobNet’s boasts a client list, which in­cludes em­ploy­ers such as, Oore­doo, MPT, UniLever, Cap­i­tal Di­a­mond Star Group, KBZ Bank and Man­power Group as just some of its ma­jor clients.On the re­cent in­vest­ment in, Sway said, “We are de­lighted to wel­come our new in­vestors; it’s a real tes­ta­ment to the phe­nom­e­nal trac­tion and re­sults we have achieved.

Our new in­vestors bring a wealth of knowl­edge and IP, with a proven track record in build­ing suc­cess­ful on­line job por­tal busi­nesses glob­ally. This, com­bined with our strong, lo­cal and nu­mer­ous years of busi­ness ex­pe­ri­ence, will fur­ther ac­cel­er­ate JobNet as the num­ber one player in the job por­tal space in Myan­mar.

The JobNet team is do­ing an out­stand­ing job in all ar­eas of the busi­ness, and they are ex­ceed­ing all share­hold­ers ex­pec­ta­tions in terms of traf­fic, ap­pli­ca­tions, client sat­is­fac­tion and mon­e­ti­za­tion.”

This is the sec­ond Se­ries-A in­vest­ment for the MM One On­line Group, where JobNet’s sis­ter en­tity (Sh­weProp­ also se­cured more Se­ries-A fresh funds ear­lier this year.

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