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

Also Read:

Cyberagent Ventures bets on Vietnamese healthcare service site ViCare

Japanese Genesia Ventures leads $2.5m funding round in Vietnam’s Luxstay

Genesia Ventures invests in Vietnam’s Airbnb-like startup Luxstay

CyberAgent-backed Seekmi to raise series A+ this year, says CEO Clarissa Leung

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.