Technolic, the parent company of Myanmar-based freelancer platform Chate Sat, has raised a new Pre-Series A funding round, led by Singapore-based angel investors Willy Ballmann and Keizo Fujitake.
The company will use the newly-raised capital to grow its internal business resources and to expand its team. In a statement, Willy Ballmann said:
I believe investing in Chate Sat presents a great opportunity to boost Myanmar’s tech startup ecosystem. Chate Sat’s current market leading position firmly establishes the company to be the future centre and hub for Myanmar’s gig economy.
Founded in 2016 by Honey Mya Win and Shwe Yee Mya Win, Chate Sat curates freelancers of various expertise, including web and mobile developers, designers, digital marketers, content writers, animators, photographers, promoters, and more.
Honey Mya Win, CEO of the company, said in a statement:
We are thrilled that our vision, enthusiasm and prospects have been highly recognized by the international investment community. As a pioneer in developing the freelance community in Myanmar, Chate Sat has undergone phenomenal growth in a very short period, which validates our unique positioning and the associated first-mover advantages we have gained as a result.
The company claims to have over 14,000 freelancers on its platform and has expanded to beyond its borders to countries such as Thailand, Malaysia, Singapore, and even Western countries. Currently, the company’s market focus is on Mekong countries including Cambodia, Laos, and Vietnam, as well as its home base.