Ever since Myanmar opened up its economy following one of Asia’s most brutal dictatorships in 2010, everything from politics to culture and business in the once-isolated nation has radically changed. From being virtually off-grid, Myanmar has seen mobile usage rocket. This largely untapped market of 60 million people has caught the interest of entrepreneurs and investors alike.
One of them is Justin Sway, a businessman based in Australia who bet on Burmese real estate portal ShweProperty, which he now runs together with its founder, Kaung Thu Win. The startup today announced “a high six-digit” sum for its series A round – a rarity for Myanmar’s fledgling startup industry.
ShweProperty has over 60,000 home and apartment listings and over 350,000 visits per month, up a dozen-fold from 2015 when the site raised its seed round.
Myanmar’s real estate sector has fast expanded alongside the booming economy. Political stability has provided further support.