Vietnam’s Airbnb-like startup Luxstay raises $3m bridge round from CyberAgent, others

Vietnam’s rental sharing startup Luxstay has raised $3 million in a bridge round from CyberAgent Ventures, Y1 Ventures and some other investors, according to a statement.

CyberAgent Ventures, which is helping the startup with an internal structuring exercise and has facilitated the bridge round, first invested in the firm in early 2018.

Founded in 2016 by Vietnamese entrepreneur Steven Nguyen, Luxstay is an online platform that connects homeowners looking for short-term rentals with tourists or business travellers.

The platform, which claims to have a network of 10,000 homes in the nation, 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.

CyberAgent Ventures’ investment director (Vietnam and Thailand) Nguyen Manh Dzung said, in the statement, “sharing economy is an inevitable movement in many businesses, and it will affect the tourism and real estate markets. We believe that this business model, like Luxstay,  is working as intended and can be a game-changer in its market in the near future.”

He also shared that the home-sharing model that Luxstay is supporting will grow quickly as it brings a great source of income to homeowners, and also takes advantage of the available properties. This model will contribute to the development of the real estate industry, and boost the tourism industry.

Recently, Luxstay and Japan’s Rakuten LIFULL STAY have entered into a partnership in the vacation rental business as part of their expansion plans.

As per the agreement, Rakuten LIFULL STAY will provide its inventory of the 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.

Also Read:

VC-backed Luxstay, Rakuten Lifull partner for vacation rental business

Japan’s CyberAgent Ventures backs Vietnam’s Airbnb-like startup Luxstay 

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.