JobNet.com.mm 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 Vietnamworks.com) 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.
JobNet.com.mm 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 JobNet.com.mm, 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 (ShweProperty.com) also secured more Series-A fresh funds earlier this year.