Korean venture capital firm SV Investment has signed a contract to invest $1.3 million in hotel booking platform Go2Joy Vietnam (formerly Appro Mobile) as part of the latter’s Series A+ round, DealStreetAsia has learnt.
With this funding from SV Investment, the company’s total Series A+ fundraise would touch $3.6 million, Go2Joy Vietnam founder and CEO Simon Byun told DealStreetAsia.
In February this year, Go2Joy raised $2.3-million Series A+ funding led by HB Investments. New investor Platform Partners Asset Management joined existing investors in the round.
The company said it will use the proceeds to explore the expansion of its services to other markets such as Thailand and the Philippines.
The investment comes at a time when the global pandemic-induced movement restrictions, lockdowns and social distancing norms continue to impact the travel and hospitality industry.
The Series A+ round comes a year after Go2Joy raised $2.5 million in a Series A round led by STIC Ventures. Wonik Investment Partners, Wadiz Platform and existing investor KB Investment also participated in this round.
Go2Joy had earlier raised a pre-Series A funding round from KB Investment and Invention Lab, one of the leading startup accelerators in South Korea. To date, the startup has raised a total of $6.1 million.
Founded in 2012 as Appro Mobile, Go2Joy allows customers to book hotels by the hour or overnight and pay through e-wallets Payoo, Momo, Payoo and OnePay. Byun was one of the founding members of S-Fone, the CDMA telco project of South Korean telecom giant SK Telecom.
SV Investment is a venture capital & private equity firm headquartered in Seoul, Korea, with offices located in Boston, Shanghai, Shenzhen and Jakarta.
Founded in 2006, the firm has invested in more than 220 companies, of which 48 have made public market debuts. It invests in TMT, consumer & entertainment, healthcare and advanced manufacturing sectors.
In January, SV Investment led a $12-million Series C round in South Korea-based content discovery platform Dable with participation from KB Investment and K2 Investment Partners, as well as existing backer Kakao Ventures.