Hendale Capital, a Hong Kong-based late-stage investment firm, has invested in Vietnamese online travel agency (OTA) Vntrip, it confirmed to DEALSTREETASIA.
The investor declined to provide any other funding details. Vntrip had earlier announced that it had raised $10 million in funding.
Hendale Capital, established in 2015, has so far backed a total of five companies, according to its website. It provides initial commitments in the range of $5-20 million in late-stage venture and growth equity deals.
It is founded by Henry Lee, who has nearly 30 years’ experience of working at fund managers and family offices in Asia. The firm’s other four investee companies are technology and retail businesses from Australia and the US.
Vntrip is the first company in its Southeast Asia portfolio.
In July 2016, the Vietnamese startup had announced a $3-million Series A round led by former Alibaba executive John Wu. That was one of the biggest Series A investments in a Vietnamese startup. Its latest round at $10 million is also amongst top Series B deals in the country.
The local OTA market is still dominated by foreign players, who own 80 per cent of this industry, according to the Vietnam E-commerce Association.
Vntrip could not be reached for the company’s traction and growth metrics.