Along with the necessary capital, the investment firm will also provide expertise in developing, growing and operating online classifieds businesses.
Shaun Di Gregorio, CEO and Co-founder, Frontier Digital Ventures said, “Myanmar is the last untouched market in Asia. Frontier’s two investments, in both the leading automotive site and leading property site, ideally position us as Myanmar’s market emerges. We are actively working with the management teams of both companies to accelerate their growth and extend their market leadership.”
The firm recently invested US$3.5 million in PakWheels.com, a Pakistan-based automotive website. It is targeting up to 30 investments in disruptive digital businesses with a mandate of over 50 potential markets across the region including Central and South America, the Middle East, North Africa, Southern Africa, and South Asia.
MyanmarCarsDB.com, established in January 2012, was the first online automobile marketplace to connect car buyers and sellers in Myanmar. It claims to have more than 40,000+ cars listed on the platform.
Launched in October 2013, iMyanamarHouse, claims to have over 31,000 properties listed for sale or rent on the platform.
With the largest untapped population in South Asia, and skyrocketing Internet penetration and mobile phone adoption, Myanmar is a lucrative market for digital opportunities. The government recently announced that it aims to make 80 per cent of its 60 million people mobile phones users, as well as bring half the population online by 2016.