Go2Joy Vietnam (formerly Appro Mobile), which operates hotel booking app Go2Joy, has raised $2.5 million in a Series A funding round led by STIC Ventures, the venture investment division of South Korean private equity firm STIC Investments, Go2Joy CEO Simon Byun confirmed to DealStreetAsia.
Wonik Investment Partners, Wadiz Platform and existing investor KB Investment also participated in this round.
Appro Mobile was set up in 2012 by Korean entrepreneur Simon Byun, one of the founding members of S-Fone, the CDMA telco project of South Korean telecom giant SK Telecom.
Go2Joy allows customers to book hotels by the hour or overnight and pay through e-wallet Payoo, Momo, Payoo and OnePay. Go2Joy claims to be growing at over 23 per cent every month and boasts an inventory of 1,000 hotels.
The company, which aims to cater to 1 million users within the first half of 2020, plans to target Thailand and the Philippines in its next phase of growth.
Go2Joy was recently selected for TIPS, a Korean government tech incubator programme.
The fresh funding will be used for sales and marketing initiatives and setting up its offline hotel business, Simon told us in an interaction.
Go2Joy had earlier raised a pre-Series A funding round from KB Investment and Invention Lab, one of the leading startup accelerators in South Korea. To date, the startup has raised a total of $3 million.
STIC Ventures invests in small and mid-sized venture companies in Korea, China, Taiwan, Vietnam, and Indonesia.
Go2Joy marks the STIC Investments’ second deal in Vietnam after e-commerce platform Tiki.
In 2018, STIC raised its fourth pan-Asia growth equity fund, spun off its venture capital arm to form STIC Ventures, and launched real estate fund STIC Alternative.
STIC Investments has also stepped up its Southeast Asia footprint with a new office in Jakarta in addition to Ho Chi Minh City. It also has offices in Taipei, Shanghai and Hong Kong.