Myanmar Joosk Studio receives VC funding

Myanmar animation start-up Joosk Studio, has received a six-digit sum investment from Vietnam’s venture capital firm Nest Tech VN and Yangon-based EME Myanmar.

The exact amount of sum was not disclosed.The animation agency was founded and managed by Myanmar artists Ko Thet Paing Kha and Ko Zeyar Htet and has worked with local and international companies as well as NGOs.

Joosk is in the process of producing its cinematic debut of “Sassy Bound The Movie”, a feature film of its popular webcomic series “Sassy Bound”, to be shown in theatres nationwide next year.

“At Joosk, we use humour and illustration to reach audiences and share messages. We’ve been running our Facebook comic series alongside our agency work for a while now and this latest investment lets us develop that side of the company to bring our audience something bigger than they’ve ever seen before,” said Ko Thet Paing Kha, CEO of Joosk.

He added that Nest Tech’s digital skills could help the agency with digital merchandising and discovering new ways to entertain the audience.

The firm is excited to help Joosk continue building their creative agency, said Ko Soe Moe Kyaw Oo, managing partner of Nest Tech VN.

The investment into Joosk is the fifth company that Nest Tech VN, which focuses investments in technology entrepreneurs in the Southeast Asian market, invested in Myanmar and the second investment round by EME Myanmar.

EME Myanmar invested between five to six-digit sum into Joosk Studio and CarsDB, an online car trading platform, in 2018. Last year, the venture capital firm invested in five more start-ups, bringing the total number of invested companies to seven, including Mote Poh, an employee benefits service start-up; Yangon Broom, a housekeeping service firm, and Ezay, an e-commerce for rural retailers. EZay, founded by former Oway executive, was the latest addition to EME Myanmar’s portofolio, and it provides a mobile platform for rural retailers to purchase new stock from wholesalers as well as delivery of items online.

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Source : Myanmar Times

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