VC-backed rental sharing startup Luxstay and Japan’s Rakuten LIFULL STAY have entered into a partnership in the vacation rental business as part of their expansion plans.
The collaboration does not involve an equity partnership, according to executives from the the firms.
As per the agreement, Rakuten LIFULL STAY will provide its inventory of Japanese vacation rental properties listed on its site ‘Vacation STAY’ to Luxstay, and vice versa.
In addition, the partners will collaborate on marketing activities aimed at tourists from both the countries.
The agreement will also see Rakuten LIFULL STAY and Luxstay explore collaborations in Vietnam and other Asian countries.
This would be the first time Rakuten LIFULL STAY develops vacation rental accommodation properties under the Rakuten STAY brand outside of Japan, the Japanese firm said.
“With this partnership, Luxstay wishes to push Vietnamese tourism industry, especially promoting beautiful images of Vietnam and its vacation rental service to Japanese visitors,” said Nguyen Manh Dung, chairman of Luxstay and investment partner for Cyberagent Ventures.
Luxstay attracted investment from Vietnam-based fund ESP Capital and Genesia Ventures in its initial round. Genesia Ventures then led a $2.5 million pre-Series A investment in the AirBnB-like startup, before Cyberagent Ventures injected an undisclosed amount in the firm.
Rakuten Lifull Stay is a joint venture between Japanese e-commerce giant Rakuten and real estate and housing information company Lifull Co Ltd. Since earlier this year, Rakuten Lifull Stay has partnered with a spate of companies, including Agoda, WaQoo, Showa Leasing, Alsok, Takuto Holdings and Yanolja Corp, to rev up its vacation rental business.
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