ImpactAlpha, July 25 – Access to digital services remains low in the Southeast Asia country of 53 million people, despite recent expansion of mobile broadband. Myanmar Net, Yangon-based Frontiir’s internet connectivity service, is the fastest growing internet service in the country.
UK development finance institution CDC invested $30 million In Frontiir. The investment was the CDC’s first direct equity investment in Myanmar.
Expanding access to affordable internet service and key to Sustainable Development Goal No. 9 (industry, innovation and infrastructure). “We firmly believe in the power of connectivity to help build the economic strength of communities and businesses,” said CDC’s Srini Nagarajan.
The investment will allow Frontiir to add an additional 4,000 staff (it currently employs 1,600) and grow to 22 cities and towns by 2022.
Frontiir had raised capital from Delta Capital Myanmar (CDC is an investor in Delta Capital’s Myanmar Opportunities Fund II) and Daiwa PI Partners, the venture arm of Daiwa Securities Group.