Vietnam’s VeXeRe raises funding from Woowa Brothers, Ncore, Access Ventures
Vietnam-based startup that operates online bus ticket and car booking system VeXeRe has raised an undisclosed amount from South Korea’s Woowa Brothers, Ncore Ventures, Access Ventures, and another investor whose name could not be ascertained.
The current transaction marks the fourth funding round in VeXeRe. The corpus will be used by the company to achieve strong growth targets in 2020 and expand its operations through other segments, according to an announcement.
Although the deal size was not disclosed, one of the company’s founders confirmed to us that it was worth millions of dollars or more.
Founded in 2013, VeXeRe claims to help bus companies manage their systems more effectively, while also facilitating booking options for millions of customers.
The company claims that it is the largest online ticketing system in Vietnam with more than 550 bus companies co-operating to sell tickets, covering over 2,600 domestic and foreign routes, more than 5,000 ticket agents.
VeXeRe said the company will continue to invest in mobile products for passengers, bus companies, drivers to better support the travel and transport industry. Specifically, the funding will be used to accelerate product development and expand into related sectors.
The company earlier saw a funding by Japan’s CyberAgent Capital (the VC firm has many investments in Vietnam such as Tiki, Foody, Topica, Luxstay), Singapore’s Pix Vine Capital, Spiral Ventures and South Korea’s BonAngels.
Woowa Brothers is a unicorn from South Korea, that operates food delivery platform Baedal Minjok in Korea backed by Goldman Sachs. In February 2019, Woowa Brothers acquired Vietnamese food delivery company Vietnammm.
Ncore Ventures, meanwhile, is a corporate venture capital arm of NPC, a public company that manufactures plastic pallets and containers based in Korea, Vietnam, Thailand, Singapore and Indonesia. Besides VeXeRe, the firm has investments in Tiki and TheBank in Vietnam.
Access Ventures LLC, a regional early-stage VC fund established in 2017, has invested in fintech startup MocaPay, proptech startup Homedy, and two logistics startups Ecotruck and Abivin in Vietnam.