Ascent Capital backs Myanmar internet provider Frontiir

Previously, the company received $30 million from UK development finance institutions CDC Group. Other investors in the company include Japan’s Daiwa PI Partners and local asset management firm Delta Capital Myanmar.

Ascent, which launched its debut fund last year, focuses exclusively on investment opportunities in Myanmar. LPs in the fund, which include Philippines-based JG Summit Holdings, Asian Development Bank and Temasek Holdings, co-invest in larger deals. The fund was targeting a $100 million corpus.   

Founded in 2013, Frontiir operates Myanmar Net, the leading ISP in the country which serves 1.6 million users across 360,000 households and businesses. Apart from internet, it also offers enterprise-level information technology products including the installation of enterprise resource planning (ERP) systems.

Internet services are currently available in four states and regions. Frontiir plans to use the fresh capital to expand coverage nationwide. There are four telecom operators with several other smaller ISPs operating in the country that also offer fixed broadband and wireless internet services.

“As an internet service provider, Frontiir is expected to be at the forefront for Myanmar’s ongoing move to digitize its businesses, cementing its position as one of the most trusted internet service providers in the country,” said Ascent founder Lim Lim Chong, according to a statement.

The private equity firm also plans to contribute capital to the company from a separate vehicle serving corporate social responsibility goals that will include improving gender inclusiveness and ensuring equitable access to quality education. 

CDC has additional exposure to ISPs in frontier markets through Nepal-based WorldLink, which it backed last year.

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• Topics
• Southeast Asia
• Technology
• Expansion
• Myanmar
• Southeast Asia
• Ascent Capital