Vietnam-based rental sharing startup Luxstay has raised US$3 million in a bridge round from Japan-based CyberAgent Ventures (CAV), Y1 Ventures and some other investors. This round made for CAV’s second investment after it added an undisclosed amount to the US$2.5 million pre-Series A round led by Genesia Ventures in early 2018.
CAV is said to be a key player in guiding Luxstay as a startup company to structure itself internally and raise investment in this round of funding.
Luxstay describes its service as an online platform that connects owners of accommodations such as apartments, vacation villas, homestay looking for short-term rentals with tourists or business travelers. Luxstay has specified its network serving the mid-end to high-end segment.
It was founded in 2016 by Nguyen Van Dung and claims to have a network of 10,000 homes in the country to date.
Taking sharing economy that will affect the tourism and real estate markets into account, the statement by CyberAgent Ventures’ investment director for Vietnam and Thailand Dzung Nguyen expresses its support to Luxstay’s business model.
“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. It brings a great source of income to homeowners, and also takes advantage of the available properties,” said the statement.
The most recent collaboration Luxstay has embarked on was with Japan’s Rakuten LIFULL STAY. The partnership resulted in Rakuten LIFULL STAY providing its inventory of the Japanese vacation rental properties listed on its site under ‘Vacation STAY’ to Luxstay, and vice versa.