Local real estate website, iMyanmarHouse.com is expected to receive more than $1 million USD in investment funding from Frontier Digital Ventures (FDV), a listed Australia company that is registered on the Australia Stock Exchange.
FDV was founded in 2014 and is headquartered in Kuala Lumpur, Malaysia. It focuses on online classifieds advertising businesses in frontier markets and has a focus on automotive and real estate classifieds and listings as key verticals.
iMyanmarHouse.com is an online real estate service website that was started in 2013 and connects real estate sellers and buyers. The company is headquartered in Yangoon and has 100 employees. The website has more than 200,000 property ads and is reported to have more than 1 million visitors every month.
In addition to its digital business, the company also hosts many housing expos across the country partnering with various developers. The company has also published various books on Myanmar’s real estate market and has been publishing a monthly real estate magazine since 2015. In 2015 it extended its technology reach by launching a mobile telephone app for android phones.
iMyanmarHouse.com has not disclosed the exact amount of investment from FDV, with a spokesman for the company saying that the amount will be more than $1 million USD. The company said that while they welcomed the new investment capital, their main reason for accepting the FDV investment was so they could learn from FDV’s experience, knowledge and reputation.
Regarding its investment, Shuan Di Gregorio, Founder of Frontier Digital Ventures (FDV), said: “FDV invests in real estate service websites in developing countries. So far FDV has made 15 investments around the world, providing finance and technology to make the business improve. One of the real estate services we invested, which is in Pakistan is now worth over $220 million. We are confident that iMyanmarHouse.com will grow rapidly in a few years under the leadership of U Nay Min Thu.’’