While the tourism industry is still struggling with Covid-19, Vntrip still successfully called for 7 million USD in Series B Financing for start-ups. Thus, the total capital of financing this Vietnamese startup successfully called for has reached nearly 200 million USD.
Tech In Asia recently quoted Mr. Le Dac Lam, CEO and co-founder of Vntrip, that this travel startup has successfully called for 7 million USD in Series B Financing. The identity of the investors was not disclosed, except for the fact that it was an investor in the industry along with a few who had invested in the startup before.
After Series B Financing, the total investment capital of Vntrip up to this point has reached 20 million USD. Investors participating in the previous rounds are John Wu, former chief technology officer of Alibaba Group, Hong Kong-based Hendale Capital, and Swiss investment firm IHAG Holding, etc.
Founded in 2014, Vntrip focused on the domestic travel segment before providing more services such as overseas travel, and online hotel and ticket booking. In 2018, Vntrip acquired and merged with Atadi, a startup that appeared on Shark Tank Vietnam, which specializes in searching and booking cheap flights.
“The Covid-19 pandemic helps us focus on our strengths and optimize our operations for the company’s sustainable growth towards a clear profit target,” shared Vntrip CEO with Tech In Asia.
Mr. Lam added that Vntrip’s strength lies in the B2B segment – business to business, which allows companies to arrange travel activities through technology application while avoiding issues arisen from paperwork.
Vntrip aims to be profitable by 2021, and the startup also plans to issue its shares to the public for the first time.
Vntrip was reported to have made the financing call during the time the tourism industry in Vietnam suffered heavy damages from Covid-19. According to the statistics by the Vietnam National Administration of Tourism, the number of international tourists in Vietnam decreased by 99% in September compared to the same period last year. In addition, Covid-19 is estimated to have blown 7.7 billion USD in Vietnam’s tourism industry revenue by February 2020.