Vietnam’s Luxstay secures $4.5m in bridge round investment

Vietnam: Vietnamese rental sharing startup Luxstay has announced it has raised US$4.5 million in a bridge round led by two Korean investors, GS Shop and Bon Angels.

It represents the second time Luxstay has received outside investment this year, following a $3 million funding round from Y1 Ventures and CyberAgent Ventures back in January this year. The funding takes the overall investment in the company to $10.5 million to date.

Luxstay, which was founded in early 2017 by Steven Nguyen, operates similarly to Airbnb by letting users select different types of lodgings such as apartments and whole villas. It also allows hosts to list their own places on the platform and make money from doing so.

Luxstay quoted data compiled by Statista that indicated that revenue from short-term rental activities in Vietnam alone would total more than $100 million this year. According to the same data, that figure would be expected to rise by almost double by 2023 in the country.

Luxstay primarily targets domestic travellers but has begun collaborating with local partners in other countries whose citizens frequently visit Vietnam, such as Korea and Japan.

The startup is now looking to launch its Series A round later this year.

For more information, visit the company’s website here.

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