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.