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VeXeRe raises funds from investor consortium

Released at: 08:40, 26/12/2019

VeXeRe raises funds from investor consortium

Photo: VeXeRe

Vietnam's largest online bus booking system closes fourth investment round from prestigious investors.

by Hong Nhung

In a fourth fundraising round, VeXeRe has received capital inflows from three prestigious investors in Asia - Woowa Brothers, Ncore Ventures, and Access Ventures - as well as an undisclosed investor.

This will be a tremendous resource that helps VeXeRe accelerate its expansion on the basis of technology and infrastructure investment, serving the diverse needs of customers in the field of transport and travel.

Established in July 2013, the VeXeRe JSC is a leading company in the revolution of Vietnam’s inter-city bus industry, with three main solutions: online ticket bookings for passengers on its website and app, effective management software solutions (BMS - Bus Management System), and effective ticket distribution software for agents (AMS - Agent Management System).

In addition to the investors in this round, VeXeRe has also received funds from CyberAgent Capital (a prestigious VC investing in Tiki, Foody, Topica, and Luxstay in Vietnam), Pix Vine Capital, Spiral Ventures, and BonAngels.

While Vietnam’s e-commerce market is growing rapidly amid fierce competition, VeXeRe’s successful investment round from reputable investors in the region expresses its great potential for growth, not only in the domestic market but also in the international market.

Woowa Brothers is a unicorn startup from South Korea, mostly known for its food delivery platform Baemin. It has actively sought areas for innovation, including cloud kitchen operations and testing on the use of robotics for indoor food service and food delivery.

Expanding regionally, Woowa Brothers arrived in Vietnam in early 2019. With a purpose of sharing its experience and being a growth partner, it set up an investment arm in late 2018 and has invested in Southeast Asia, Silicon Valley, and South Korea.

Meanwhile, South Korea’s BonAngels Venture Partners last year also announced it had invested in VeXeRe, closing the round with Spiral Ventures and CyberAgent.

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