Vietnamese online travel agency Vntrip.vn has raised funding from Switzerland’s IHAG Holding in a round that sees its valuation go up to $45 million, Vntrip founder and CEO Le Dac Lam confirmed to this portal.
Financial terms were not disclosed.
This is the third funding round of Vntrip which raised $3 million in a series A funding from a small consortium of overseas investors led by former Alibaba veteran John Wu in 2016. The online travel agency also secured an undisclosed investment from Hendale Capital, a Hong Kong-based late-stage investment firm in 2017.
IHAG Holding Corp operates in the real estate sector in Switzerland. It invests in office buildings, commercial properties and hotels, resorts, vineyards, and integrated agricultural activities.
According to Vntrip, the third round would help the company to increase its resources and grab greater share in the online air ticket sector.
Vntrip.vn is one of the largest website booking system and hotel online in Vietnam. Vntrip.vn originally built the company in partnership with Booking.com.
After that, Vntrip.vn partnered with Expedia, Booking.com’s competitor, to increase its room availability. However, the travel agency has built its own network of more than 10,000 hotels across the country now.
Prior to Vntrip.vn, several booking and tourism startups from Vietnam or having operations in the country have raised venture capital funding within the year.
Vietnam’s Triip in April announced that it raised an undisclosed sum of funding from Japanese strategic investor Gaiax and individual investor Nguyen Duy.
This is the second funding round raised by the company after it bagged $500,000 in a round led by venture capital firm Gobi Partners in 2016. In a statement, Triip said that the latest financing sees its valuation jump to $10 million from $2 million in 2016.