Yangon Broom, a Myanmar-based company, today announced that it has raised an undisclosed third funding round led by Yangon Capital Partners, the investment arm of a financial advisory company Trust Venture Partners.
Other backers include existing investors such as Emerging Markets Entrepreneurs (EME) and Nest Tech VN, who had previously invested a five-figure funding round in the startup in August 2019.
The new capital will be used by the startup to launch a training school that will train people in high-quality cleaning services. It is also set to launch its own mobile app.
Yangon Broom is an on-demand quality household cleaning service
Founded in 2016, Yangon Broom is an on-demand quality household cleaning service, which manages hundreds of maids on their platform. Its clients range from households to SMEs and schools.
The funding comes at a time when the pandemic prompts the necessity of maintaining high levels of hygiene.
In addition to that, Yangon Broom also mentioned in a press statement that many cleaning companies are struggling to stay afloat during the COVID-19 pandemic, leaving households and SMEs with limited cleaning options at a time where cleanliness is increasingly important.
Shinsuke Goto, Managing Director of Yangon Capital Partners, said that the investor is attracted to the startup due to its positive customer reviews and “clear market trend” in outsourcing domestic help.
“It’s clear that the co-founders have the right values for this very people-oriented business, putting their maids first and ensuring that they are properly rewarded for their efforts,” he said.
Recent funding activity in Myanmar includes a US$600,000 funding round for telemedicine startup MyanCare.
Startups from other Southeast Asian markets have also begun seeing Myanmar as a potential market to expand to, such as Indonesia-based Svara, which has mentioned plan to enter Myanmar’s broadcast market following their recent funding round.
Source from e27.co