An investment firm focused on Myanmar last week unveiled its first VC fund focused on the fast-growing Southeast Asian nation.

With $80 million at hand, Ascent Capital claims it has the largest Myanmar-focused investment fund in the tech industry. The Ascent Myanmar Growth Fund is on the lookout for “mid-market opportunities, and targets investment opportunities of at least $10 million,” according to the firm.

The rollout was first reported by Deal Street Asia.

Yangon, Myanmar, bus, buses, transport, traffic, streets
Buses at an intersection in Yangon, Myanmar / Photo: Lwin Kyaw Myat

The fund started work in January 2019, but only last week revealed it has accrued $80 million out of the $100 million it’s targeting. Plus, Ascent last week revealed its debut investment, leading a $26 million injection into Frontiir, an internet service provider under its Myanmar Net brand.

See: Southeast Asia-focused VC funds raised a lot less money so far this year

Registered in Singapore, Ascent Capital—not to be confused with the India VC of the same name—has some big-clout limited partners, such as Singapore’s state fund Temasek and Asian Development Bank.

Myanmar facts & stats:

  • Population: 54 million, with a median age of 29
  • 22 million active internet users
  • 68 million mobile subscriptions

Myanmar has a relatively small but tenacious band of homegrown startups, hoping to establish a foothold before the inevitable influx of outside tech giants.