Vietnam based RedFOX Labs Joint Stock Company (‘RedFOX’) has made its first significant investment as a venture builder with its acquisition of MYMEDIA Digital.
MYMEDIA Digital is Myanmar’s largest digital marketing platform that connects consumers directly to brands and influencers across food, fashion, sport and entertainment. It is one of the most heavily visited platforms in the country.
Its advertisers include global brands such as Samsung, Huawei, Nestle, Lenovo, Grab, Realme, VIVO and GrandRoyal who market directly to the 35 million users engaging in the platform per month.
Through this acquisition, RedFOX gains a football and sports app that has nearly 100K downloads and content channels for Style, Health, Tech, Sport, Business, Cars and Food.
Remarkably, more than 20 million minutes of video content is viewed each month with MYMEDIA users.
Ben Fairbank, CEO, and Co-founder of RedFOX Labs commented:
“This acquisition is a pure plug-and-play model for us at RedFOX Labs. Our expertise is in scaling technology and building integrations and interoperability to add exponential value to the platform.
“This acquisition will allow us to build out the equivalent platforms in Vietnam, the Philippines, and Indonesia with a Rolodex of global advertisers already using MYMEDIA Digital who are chomping at the bit to get exposure to these other countries in Southeast Asia.
“The Southeast Asian market has 360 million internet users, with almost a third – 104 million – aged between 25 to 34. They are young, highly platform-literate, and have a thirst for technology and digital inclusion.
“They would use MYMEDIA Digital in a heartbeat – it just doesn’t yet exist in those countries. Our team’s focus on building and scaling technology is the bread and butter of RedFOX Labs.
“This is what RedFOX Labs has been working towards for two years and we are now hitting these acquisition goals.
“In 2019 alone, the Southeast Asian internet economy saw $100B in transaction volume. COVID-19 would have exponentially increased the transactional capability over 2020 as there was a marked shift to digital purchasing.”