Frontiir (direct co-investment with MOFII)
Frontiir was founded in 2013 by two Myanmar repats and their university friend who identified the market opportunity to enter Myanmar’s underserved internet service provider (‘ISP’) market using proprietary Wi-Fi technology. The company is now Myanmar’s largest ISP, offering high-end fiber internet to enterprises and mobile internet access through its Wi-Fi mesh and fiber networks to consumers. Frontiir has today the largest network coverage amongst the ISP players in Myanmar due to the fast-to-market roll out of street by street (“SBS”) wireless network in Yangon and Mandalay since the first investment in June 2016.
- SME Funds
- Commitment (MNOK):
- Bouvet Island
Frontiir is Myanmar’s largest internet Service Provider. The company has 1,600 employees and 40 stores in Yangon and Mandalay.
By providing affordable internet services to companies and consumers in Myanmar, Frontiir will provide significant direct development impacts, including job creation, technical on-the-job training and tax generation.
Norfund’s investment was made through the Delta Capital Fund.
Additionality for Frontiir
This investment is particularly additional on the following ambitions:
- Investing in the poorest countries
- Investing in the most capital constrained markets
- Investing in the riskiest markets
- Investing in the most difficult business environments
- Investing in high risk instruments