Digital consulting firm nexlabs has attracted a six-figure equity investment from Singapore-based venture capital firm Vulpes Innovative Myanmar Investment Company, the four-year-old Yangon startup said.
The move was announced on January 9 and Bilbros Capital Partners, an existing investor in nexlabs, would also inject extra capital in the round, media reports said.
The money would be used to accelerate expansion and build a new B2B product aimed at supporting the organisational efficiency of domestic businesses, the reports said.
“This funding is an important financial achievement for nexlabs,” said Ko Ye Myat Min, the chief executive and founder of nexlabs.
“We are very pleased to have VIMIC leading this new round of financing, together with our existing investor Bilbros, who continue to show commitment and support to the growth of the digital landscape in Myanmar,” he said.
VIMIC managing partner Mr Field Pickering said the company was delighted to be involved in nexlabs’ growth.
“nexlabs has an excellent track record of delivering digital solutions for Myanmar companies looking to innovate, and this is an incredibly exciting way for us to have a front row witnessing how leading Myanmar companies are implementing and adopting technology in a rapidly developing new digital economy,” said Pickering, who will join nexlabs board after the financing round.
The services offered by nexlabs include web and app development, bespoke solutions, managing brand identity, social media management and customer insights and analysis. Its customers include Singapore Tourism Board, Wave Money, City Mart Holdings, Wall Street English, Total and the European Union delegation.