Vietnam’s Vntrip secures top-up financing ahead of Series C round

Halong Bay, Vietnam. Photo by Andre Ouellet on Unsplash

Vietnamese online travel agency (OTA) Vntrip has raised an undisclosed amount from Hong Kong-based late-stage investment firm — and existing backer — Hendale Capital.

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.

Also Read:

Hong Kong-based Hendale Capital mulls Vietnam-focused fund

Vietnam’s online travel app Vntrip raises third round from Swiss IHAG Holding

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • 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. 
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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.