The latest financing, which the company is referring to as top-up funding, comes ahead of a planned Series C later this year. Vntrip had in August 2018 announced raising its last round of funding, securing an unspecified amount from Swiss investment firm IHAG Holding. The funding had catapulted the startup’s valuation to $45 million.
“We expect to close the series C funding in 2019, after which we will make additional acquisitions to consolidate our leading position and further grow our domestic market share,” Vntrip CEO Le Dac Lam said.
The financing from Hendale is learnt to have allowed some early investors to exit. While Vntrip did not disclose any exit multiples, sources familiar with the matter told DEALSTREETASIA that these early investors had invested VND16 billion ($700,000), and saw a significant return on their investment.
Vntrip first announced a $3-million Series A round led by former Alibaba executive John Wu in 2016. In 2017, Hong Kong-based Hendale Capital invested $10 million in the startup.
In 2018, Vntrip acquired Atadi, an online ticketing website in Vietnam, which it said made it the country’s largest OTA by traffic and revenue. The startup claims to have grown its gross booking value more than five-fold since 2016.
Vntrip is the only Vietnamese portfolio company of Hendale Capital to date. The Hong Kong venture capital firm has also invested in another Southeast Asian accommodation platform, Reddoorz.
Hendale Capital is planning a Vietnam-focused early-stage fund, its managing partner Henry Lee had earlier told DEALSTREETASIA. While he did not divulge the fund size, sources said it could be around $10 million.