Luxstay mobilized US$2.5 million from investors
Vietnam`s Airbnb-like startup Luxstay has successfully mobilized US$2.5 million through its Pre-series A funding round, announced Luxstay.
Japanese investor Genesia Ventures is reportedly led the round, along with UK-based Founders Capital, Y1 Ventures and two other investors.
Luxstay currently operates in the northern part of Vietnam and in the south of Vietnam.
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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.
Luxstay last year received its first investment from Genesia Ventures and ESP Capital.
"With the capital raised in this round, Luxstay will focus on technology and marketing development, building up more supporting programs for hosts who are business partners of Luxstay," quoted the firm's representative to Deal Street Asia.
Vietnam's homestay market is looking at a boom period over the next year or two, he predicted. This year, Luxstay is looking at raising a larger investment of about US$10-20 million in the next round to grow scale.
Genesia Ventures, which has invested in a number of Vietnamese and Thai startups, was set up in 2016 led by Soichi Tajima, former CEO of Cyberagent Ventures. The firm aims to create new and big business frontiers by investing in a seed and pre-series A stages across various sectors, including new economy, digital media, AI and robotics, with a view to shape potential start-ups as a big new industry and increase its growth speed.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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