Shwe Property, operator of ShweProperty.com, Myanmar’s first and leading property portal, is keen on shaping the country’s property market after raising $3 million in its Series B funding round led by Emerging Markets Investment Advisors (EMIA).
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Founded in 2011 by Kaung Thu Win, Shwe Property’s portal features thousands of properties for sale and rent with detailed information about each property and corresponding photos.
The firm claims to have achieved significant name brand penetration among consumers, agents, and property developers since its inception eight years ago.
“Shwe Property has the highest traffic, views, and leads than any other property website in Myanmar,” it said in a statement.
The vision of Shwe Property’s CEO Justin Sway, Managing Director Kevin Goos, and Founder and Director Kaung Thu Win to lead and shape the country’s property market is also attracting the interest of investors.
Aside from EMIA as lead investor in the Series B round, the funding was also participated by 500 Startups, former iProperty and Mitula Group chairman Simon Baker, existing investor Vostok New Venture, and a UK-based investment fund.
Goos said the latest round of funding will help finance Shwe Property’s further growth, especially in the areas of business operations, product development, and sales and marketing.
Shwe Property will also further develop its advanced transaction model that seeks to streamline the process of renting or buying homes for the users of its portal.
“We have seen amazing growth year-on-year, built a strong management team, and developed a very loyal client base across Myanmar who recognise Shwe Property as the number one property portal in the country and clear market leader,” Goos said.
EMIA, the lead investor in the Series B round, is a private equity firm based in Singapore. It has a portfolio of a dozen businesses in various sectors and offices in Southeast Asian countries, including Singapore, Myanmar, and Cambodia.
The funding round also saw 500 Startup’s first foray into the Myanmar market. Natavudh Pungcharoenpong, 500 Startups CEO, said Shwe Property is “a reputable group with extraordinary growth and a strong leadership team”.
“We are ecstatic to be investing in Shwe Property as our first entry into Myanmar,” Pungcharoenpong said.
Myanmar’s property market is expected to remain flat until 2020, according to the Myanmar Construction Entrepreneur Association. It does not come as a surprise though as the country’s property market has been lacklustre since 2015, the association said.
However, the group said the property market could be boosted if developers are able to address the growing demand for low-cost and affordable housing.