On July 1 MySQUAR, a Myanmar-language social media platform, listed on London’s Alternative Investment Market (AIM) after raising £1.67 million ($2.57 million). On listing MySQUAR had a market capitalisation of £18 million.
Sydney-based technology venture firm Yonder & Beyond owns 4,133,303 MySQUAR shares, valued at A$845,000 ($632,457) on listing which represents a value up-lift of 24 percent in four months.
In addition, Yonder & Beyond said it will provide MySQUAR with access to a network of social media, gaming, entertainment and ecommerce technologies.
The listing comes of the back of MySQUAR’s growth within the Myanmar telecoms market. Its MyChat app was recently ranked fifth in Google Play’s top free applications store, with over 680,000 accounts on the instant messaging app. By the end of the year, the company expects the figure to have increased to 1.5 million users.
“What we are seeing in Myanmar is a social revolution and it is gaining traction quickly,” said Eric Schaer, CEO of MySQUAR.
“A SIM card was hundreds of dollars three years ago and now is just $1.50, making it easily attainable for the population. Although little over 30 percent of Myanmar’s 60 million population has a handset, the penetration rate is expected to hit 100 percent in the next five years. We are in a fantastic position to capitalise on this growth and the market has confirmed our position.”
Through the funds raised, MySQUAR intends to expand its product line and Schaer said he is confident it will also help MySQUAR break-even in 2018.
The firm said it intends to move into news, information, financial and payment services in the future to augment its social networking and gaming products.
By 2019, MySQUAR expects to capture and keep 30 percent of Myanmar’s connected population continuing its growth trajectory.
“MySQUAR is one of the most exciting companies within our portfolio and this listing provides us with a significant return on our investment,” said Shashi Fernando, CEO of Yonder and Beyond.
“It continues to grow at a rapid rate. Through its listing on AIM, they are allowing investors to access the Myanmar market, as well as enabling MySQUAR access to growth capital.”