Vietnam-based co-working space chain Toong has raised investment from Indochina Capital (ICC). The funding amount was not disclosed.

The company will use the newly raised capital to expand its network of co-working spaces in Vietnam.

In addition, Peter Ryder, founder and CEO of Indochina Capital and Doan Viet Dai Tu, co-founder and chairman of Openasia Group, will join Toong’s Board of Directors.

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Indochina Capital, which has deep roots in the real estate market, will be able to lend its expertise to Toong — to assist in the management and design of its co-working branches.

Launched in August 2015, Toong has five co-working spaces across Vietnam, namely in Hanoi, Danang and Ho Chi Minh City.

“In just 22 months, Toong…has established itself as a leading player in Vietnam’s high octane coworking service and space market and formed relationships with Openasia, one of Vietnam’s leading investment firms, and CapitaLand, one of Asia’s largest real estate developers,” said Indochina Capital CEO Peter Ryder, in an official press statement.

Image Credit: Toong

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