Jubilee Capital invests in Vietnam-based online travel startup Vntrip

Photo: illustration/Internet Archive

Vietnam-based online travel firm Vntrip has raised an undisclosed amount from Singapore- and China-based Jubilee Capital Management, according to the company’s announcement.

The funding is part of a pre-Series C round as the company targets a Series C capital infusion later this year. In March, Vntrip CEO Le Dac Lam told DEALSTREETASIA that his company raised a top-up funding from existing investor Hendale Capital. The Hong Kong-based venture capital firm initially invested $10 million in Vntrip in 2017, following a $3 million Series A funding Vntrip secured a year earlier.

The Vietnamese startup went on raising another investment in 2018 from Swiss investment firm IHAG Holding and acquiring online ticketing platform Atadi in the same year.

“We expect to close the series C funding in 2019, after which we will make additional acquisitions to consolidate our leading position and further grow our domestic market share,” Lam said when his company raised the March 2019 round.

Online travel is the largest and most established sector of the internet economy in Southeast Asia, adding to nearly $30 billion in booking values in 2018 and growing at 15 per cent CAGR, according to the e-Conomy report by Google and Temasek.

Jubilee said Vietnam’s online travel market penetration is very low compared to regional peers, indicating upside potential.

“We believe that Vntrip has a successful and highly scalable business model with a strong management team well suited to the fast-growing Vietnamese travel market. This investment will allow Vntrip to continue its impressive growth trajectory to dominate the Vietnam online travel market,” said Jubilee’s founding partner Stanley Zhang.

Jubilee launched its maiden tech fund in 2016 with a target of $100 million to back early-stage startups. The tech fund invests across cutting-edge innovations such as AI, blockchain, IoT and robotics, as well as industries including financial services, travel, urban and lifestyle solutions.

It also deploys a blockchain fund that has invested in more than 10 projects.

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.