Myanmar, Yangon, 4th Sep 2015 – NEX, a Yangon-based digital agency that helps businesses formulate and execute digital strategies, has raised an additional US$150,000 from Blibros Ltd which is an investment company under the management of the Family BÖCKER. Blibros Ltd had also invested in NEX as 2nd round seed investment in October 2014 and thus, bringing the total amount of investment committed by Blibros Ltd to US$300,000
For the past two years, NEX has offered web and mobile development services to clients in Myanmar as well as from China, Singapore, Australia, Thailand and the region. NEX has also created a range of its own apps that have been widely used within Myanmar. With the newly replenished funding, NEX is looking at expanding not only the team but also its service offerings by adding two additional categories – Creative Design and Social Media Marketing, in order to become a full-blown digital agency in Myanmar.
From 2014 to present, there have been an impressive number of foreign investments into Myanmar tech startups from investors across Asia. NEX is the first local startup to raise investment twice from the same investor.
“We are positioning ourselves to become a noteworthy player in the digital space; not just in Myanmar but at a regional scale. I strongly believe that with the support from investors and advisors, NEX will be able to explore many more opportunities. Raising an additional round of investment from existing investors has been a big push in our motivation and confidence.” said Ye Myat Min, Founder and Managing Director of NEX.
Jonas Lindstörm of Blibros Ltd commented, “We are thrilled to be part of NEX’s journey and support the founding team to achieve its vision. We have witnessed exceptional growth within the last 10 months. With the new funds, we believe we can achieve higher strategic goals together with the NEX team”. Ned Phillips, early angel investor, added, “I have a strong belief in NEX as well as its founder Ye Myat Min. Since the first round of investment that I took part in two and a half years ago, with just 6 employees at NEX, it is impressive to see the company transformed into an international team with almost 30 full time employees.”.
Recently, NEX has recruited expatriates in order to strengthen its departments, particularly, on creative design and management. With such experienced fresh talent, NEX is expecting to create a perfect mixture between international expertise and local knowledge. One of the demonstrations of such capabilities is Yangon Redesigned which is an online design community with a mission to increase design awareness in Yangon. As of today, Yangon Redesigned has received a lot of positive feedback as well as dozens of requests to work with a range of different brands.
Through the newly replenished funds, NEX continues to look forward to the new age of digital Myanmar. “We are keeping innovation, design and localization as our DNA regardless of how far we’ve grown. Without such cultural values, we would never be able to achieve our vision. I am proud that NEX is writing history by being part of the digital transformation of Myanmar.”, said Ye Myat Min.