Vietnam motorbike marketplace OKXE raises $5.5m in Series A funding

Residential Hanoi, Vietnam. Photo: Son Vu Le/unsplash

Vietnam-based OKXE.vn, an online marketplace for motorcycles, has raised $5.5 million in a Series A funding round led by South Korean venture capital firm Partners Investment.

The round was backed by South Korean investors including IMM Investment Corp, KB Investment, Korea Omega Investment Corp, HB Investment, and SB Partners, OKXE founder and CEO Wooseok Kim told DealStreetAsia.

The startup will use the Series A proceeds to expand to other countries in Southeast Asia.

“Our priority is developing the quality of service and becoming the number one service provider in Vietnam. At the same time, we are looking for opportunities in other countries including Indonesia and Thailand,” Kim said.

OKXE began its beta operations in Vietnam in 2018 and launched officially one year later. The company claims 1,300 motorcycles are either bought or sold on its platform every month.

The Vietnam market offers a lot of potential with 45 million motorbikes on the road and most families owning at least two motorbikes. Given that Ho Chi Minh City is the “capital city of motorcycles,” Kim said Vietnam was the ideal place to launch his venture.

“For startups, it is not easy to find opportunities for targeting mature markets. I prefer the Southeast Asia market to the Korean market due to the size of the market and the speed at which it is changing,” Kim had told us in an interview earlier.

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.