31 Oct Young IT start-up NEX grabs angel infusion

Written by Ko Ko Gyi Published in Technology Read 4781 times
NEX is a young IT start-up making waves in the small-but-growing mobile app market in Myanmar. NEW staff at the recent press conference at 50th Street Bar in Yangon October 30, Photo: NEX/Facebook NEX is a young IT start-up making waves in the small-but-growing mobile app market in Myanmar. NEW staff at the recent press conference at 50th Street Bar in Yangon October 30, Photo: NEX/Facebook

A Sweden and Singapore-based angel investor has stepped in with a US$150,000 injection of funds for the up-and-coming Myanmar IT start-up NEX to help continue its ascent in the mobile applications development sector, according to NEX founder and CEO Ko Ye Myat Min.

Dressed in a white t-shirt with NEX emblazoned on it, Ye Myat Min, 23, was speaking at an informal gathering for the press at the popular up-market 50th Street Bar in Yangon on October 30.

As his staff milled around, Ko Ye Myat Min explained that Blibros Ltd, which invests in Southeast Asian countries, is their second investor coming in with US$150,000 for NEX, following first angel investor Mr Ned Philips, previously with E-Trade and Credit Lyonnais, who brought in US$50,000.

Young may be the best way to describe NEX on two levels. Firstly, it officially kicked off in 2013, and, secondly, virtually all the 30 staff are barely into their early or mid-20s.

What NEX Company Ltd may lacks in age and experience they make up for in coding and mobile application development capability focused on building design-centric mobile products.

Blibros’s CEO and partner Jonas Lindstrom says in a press release on October 30 that NEX company already produced HUSH, just launched as mobile informal grapevine to express opinions, FYRE, coming shortly, which allows users to build mobile shops without any technical knowledge, plus Nexy Keyboard launching in next two weeks, which is the first iOS 8 keyboard in Myanmar that allows users to use “Burglish” to type Myanmar words.

Ko Ye Myat Min also mentioned Kabyar, launched last December, which allows users to read and share Myanmar quotes and poems instantly on their mobile phone.    

Angel investor Mr Lindstrom explains that the investment landscape in Myanmar so far is very lucrative for many investment firms coming into the market and brings opportunities for a wide range of business from start-up to medium enterprise or an even higher chance for local big corporations to secure a joint-venture.

“On top of that, as we are into the IT market, we are very fond of NEX as one of the leading companies in the IT scene,” he said.

Mr Lindstrom says he is particularly excited by FYRE app, which he believes holds real promise.

Ko Ye Myat Min tells Mizzima he is unable to disclose the profit-sharing agreement with the first investor.

“For the second investment, the investor will own 15 percent share in profits of the company,” said Ko Ye Myat Min, who decided to drop out in the second year of a Singapore Management University course to run his own business.

NEX has worked on several contracts and completed more than 30 web and mobile development projects with clients including Proximity Designs, Ooredoo Myanmar and Today Publishing House Ltd.