Vietnam’s VeXeRe raises funding from Woowa Brothers, Ncore, Access Ventures

Vietnam-based startup that operates online bus ticket and car booking system VeXeRe has raised an undisclosed amount from South Korea’s Woowa Brothers, Ncore Ventures, Access Ventures, and another investor whose name could not be ascertained.

The current transaction marks the fourth funding round in VeXeRe. The corpus will be used by the company to achieve strong growth targets in 2020 and expand its operations through other segments, according to an announcement.

Although the deal size was not disclosed, one of the company’s founders confirmed to us that it was worth millions of dollars or more.

Founded in 2013, VeXeRe claims to help bus companies manage their systems more effectively, while also facilitating booking options for millions of customers.

The company claims that it is the largest online ticketing system in Vietnam with more than 550 bus companies co-operating to sell tickets, covering over 2,600 domestic and foreign routes, more than 5,000 ticket agents.

VeXeRe said the company will continue to invest in mobile products for passengers, bus companies, drivers to better support the travel and transport industry. Specifically, the funding will be used to accelerate product development and expand into related sectors.

The company earlier saw a funding by Japan’s CyberAgent Capital (the VC firm has many investments in Vietnam such as Tiki, Foody, Topica, Luxstay), Singapore’s Pix Vine Capital, Spiral Ventures and South Korea’s BonAngels.

Woowa Brothers is a unicorn from South Korea, that operates food delivery platform Baedal Minjok in Korea backed by Goldman Sachs. In February 2019, Woowa Brothers acquired Vietnamese food delivery company Vietnammm.

Ncore Ventures, meanwhile, is a corporate venture capital arm of NPC, a public company that manufactures plastic pallets and containers based in Korea, Vietnam, Thailand, Singapore and Indonesia. Besides VeXeRe, the firm has investments in Tiki and TheBank in Vietnam.

Access Ventures LLC, a regional early-stage VC fund established in 2017, has invested in fintech startup MocaPay, proptech startup Homedy, and two logistics startups Ecotruck and Abivin in Vietnam.

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.