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

A woman looks out from a rooftop bar as traffic moves along a road in Hanoi, Vietnam. Photographer: Justin Mott/Bloomberg

Japanese early stage investor Genesia Ventures has led a $2.5 million Pre-series A funding round in Vietnam’s Airbnb-like startup Luxstay. Founders Capital, Y1 Ventures and two other investors also joined the round.

In a statement, Luxstay said, the objective of this fundraising stage is to accelerate development and to successfully raise the next big round in 2018.

Founded by Vietnamese entrepreneur Steven Nguyen, Luxstay is an online platform which connects short-term rental home owners with tourists or business travelers. By using Luxstay, the owners can make money by renting out their house for a short period of time; the revenue might be much more attractive compared to traditional long-term rental.

Luxstay last year received its first investment from Genesia Ventures and ESP Capital.

“With the capital raised in this round, Luxstay will focus on technology and marketing development, building up more supporting programs for hosts who are business partners of Luxstay,” said the firm’s representative.

Vietnam’s homestay market is looking at a boom period over the next year or two, he predicts.

This year, Luxstay is looking at raising a larger investment of about $10–20 million in the next round to grow scale.

Genesia Ventures, which has invested in a number of Vietnamese and Thai startups, was set up in 2016 led by Soichi Tajima, former CEO of Cyberagent Ventures. The firm focuses on the seed and pre-series A stages across various sectors, including new economy, digital media, AI and robotics.

Also Read:

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

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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.