Jun 1, 2017

Local Job Site JobNet Secures 7-Digit Investment on the Back of ‘Lightning’ Fast Growth

Local job website JobNet.com.mm has secured a 7-digit investment from an un­disclosed “global institu­tion fund” experienced in frontier markets, said the company's CEO.

The undisclosed in­vestment will be used to “ramp up” JobNet's mar­keting and product de­velopment as online job applications experience a surge in popularity amid the country's internet connectivity boom.

“We are delighted to welcome our new inves­tors; it’s a real testament to the phenomenal trac­tion and results we have achieved,” said Justin Sway, CEO of JobNet. com.mm.

“They're a global insti­tutional fund, they've got lots of investments, espe­cially in frontier markets and in Europe, they're no strangers to this market,” he told Myanmar Busi­ness Today.

JobNet has experienced rapid growth in the last few years and now boasts the highest traffic, appli­cations and numbers of job seekers of any job site in the country, with over 40,000 applications per month, and partnerships with major clients includ­ing Ooredoo, MPT, Uni­Lever and KBZ Bank.

“We've been watch­ing Myanmar for quite afew years...we did a lot of preparation and planning so we grew at... lighten­ing speed within that 18 months.”

The rapid growth of in­ternet penetration in My­anmar, from 7 percent in 2014 to 90 percent in 2017, has seen job seek­ers move away from more traditional job seeking av­enues such as newspapers in favour of online job sites, said Sway.

“People went on line very quickly and if you look at the number of [job] applications here 4 or 5 years ago you'd be lucky to get 1,000 a month, right now we get over 40,000 a month…” he said.

In 2013 JobNet re­ceived its first round of seed funding from Sway, also the owner of real es­tate portal ShweProperty. com, and then secured a second round in May 2015 – a joint investment from Sway and Jonah Levvy, founder of Vietnam job site Vietnamworks.com.

While JobNet's growth is predicted to continue following the rapid up­take of internet across the country, the next fo­cus, said Sway, will be on monetising its growing user base.

“We're working very heavily to grow in line with that and monetise as quick as we can and as much as we can.”

Source: Eleven Weekly Media

 
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