Japan’s CyberAgent Ventures backs Vietnam’s Airbnb-like startup Luxstay

Luxstay
Photo: Luxstay website

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.

Founded by Vietnamese entrepreneur Steven Nguyen, Luxstay is an online platform that connects homeowners looking for short-term rentals with tourists or business travellers.

Nguyen Manh Dzung, 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.

Having launched its first $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 $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 $20-million homegrown VC firm led by general partner Le Hoang Uyen Vy, the former CEO of Vingroup’s e-commerce arm Adayroi.com.

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