Luxstay raises $3mn in Bridge Round

04-Jan-2019 Intellasia | VN Economic Times | 6:00 AM Print This Post

Funding comes from several investors, including CyberAgent Ventures and Y1 Ventures.

Vietnamese home-sharing platform Luxstay has raised $3 million in the Bridge Round from several investors, including CyberAgent Ventures (CAV) and Y1 Ventures.

With support from many investors, Luxstay has proven its potential to grow, and as of today has built a network of 10,000 homes in Vietnam and its service has met demand for homestays in the country.

Luxstay will continue to expand its business by introducing new products and services in its ecosystem and plans several rounds of financing this year.

Among its investors, CAV plays a key role in guiding Luxstay as a startup company to structure itself internally and successfully raise investment in this round of financing. This is the second time CAV placed its trust in Luxstay, after a first round of financing in early 2018.

Dzung Nguyen, director of CyberAgent Ventures Vietnam said the sharing economy is an inevitable movement and will affect the tourism and real estate markets. “We believe that a business model like Luxstay’s is working as intended and can be a game-changer in its market in the near future,” he added. “The home-sharing model that Luxstay is supporting will grow quickly, as it brings a great source of income to homeowners and also takes advantage of available properties. This model will contribute to the development of the real estate industry and boost growth in tourism.”

Established in late 2016 by CEO Nguyen Van Dung, Luxstay allows people to rent out properties for a short period of time. The platform has a network of places, ranging from apartments to villas and homestays, serving the mid to high-end market.

The service has been welcomed by the young generation, executives, and tourists. Luxstay also pioneered developing a business platform for property owners in Vietnam when it started participating in the short-term home rental market.

Luxstay recently became the strategic partner in Vietnam of Rakuten Travel under the Rakuten e-commerce group, one of the largest e-commerce groups in Japan with a market cap of up to $16 billion.

Previously, Luxstay successfully raised $2.5 million in capital in a Pre-Series A round from CAV and Genesia Ventures from Japan.

https://vneconomictimes.com/article/business/luxstay-raises-3mn-in-bridge-round

 


Category: Business, Vietnam

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