Japanese investor to invest in Luxstay
Japanese venture capital (VC) firm CyberAgent Ventures on Monday announced an undisclosed investment in Vietnam`s Airbnb-like startup Luxstay.
Korean VC firm Nextrans also participated in the latest round.
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Nguyen Manh Dung, CyberAgent Ventures' investment director in Vietnam and Thailand, said that Luxstay has a huge advantage in developing a short-term model of accommodation because of the abundant supply of real estate and strong demand for tourism in Vietnam and Southeast Asia.
Dung expected Luxstay to soon become one of the most successful platform of sharing economy in housing at Southeast Asia, similar to Grab in ride-hailing market.
Having launched its first US$20-million fund for Southeast Asia in September 2011, CyberAgent Ventures has been very active in Vietnam. The Tokyo-headquartered VC firm has invested in more than 20 companies in the country, including Foody, Vatgia, Tiki, Batdongsan.com.vn, Topica, Nhaccuatui, VNG, Vexere through its first fund while Vicare and Kyna through its second fund CyberAgent Ventures Asia Internet Fund II, LP.
Last month, Luxstay had raised a US$2.5-million pre-Series A funding round led by Japanese early-stage investor Genesia Ventures. Founders Capital, Y1 Ventures, and two other investors had also joined the round.
Last year, it also received its first investment from Genesia Ventures and ESP Capital, a US$20-million homegrown VC firm led by general partner Le Hoang Uyen Vy, the former CEO of Vingroup's e-commerce arm Adayroi.com.
Founded by Vietnamese entrepreneur Steven Nguyen in 2016, Luxstay is an online platform which connects short-term rental home owners with tourists or business travelers. By using Luxstay, the owners can make money by renting out their house for a short period of time; the revenue might be much more attractive compared to traditional long-term rental.
Luxstay currently operates in the northern part of Vietnam and in the south, Ho Chi Minh City with many unique apartments in the most idealistic locations such as Hanoi Old Quarter, West lake, and others.
In addition, Luxstay also has large villas in Dai Lai, Hoa Binh, Da Nang. Luxstay is expanding the products to all over the country.
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