Vietnamese co-living startup raises $1.7 mln from Singapore fund
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M Village, an accommodation startup in co-living spaces, has received funding of US$1.7 million led by Singaporean venture fund Simple Tech Investment.
The money will be used for expanding the number of rooms the startup has in Ho Chi Minh City from the current 300 to 1,000 this year.
Its founder, Nguyen Hai Ninh, is also the founder and ex-CEO of The Coffee House, a HCMC-based coffee chain that has over 140 stores across Vietnam.
He said: “The fund-raising process started late last year and it has worked out pretty well. Simple Tech Investment agreed on investing after a month of getting to know each other”.
Simple Tech has previously invested in digital transformation by some Vietnamese businesses, including online advertiser 24h, human resources service SieuViet Group, and leading barbershop chain 30Shine.
M Village has also received funding from Singapore’s Vulpes Venture, Japan’s Genesia Ventures, and some angel investors.
Founded in October 2020, M Village operates five locations in Ho Chi Minh City with their occupancy rates exceeding 90 percent.
Questions & Answers
Q.What is the primary purpose of the US$1.7 million funding M Village received?
What is the primary purpose of the US$1.7 million funding M Village received?
The funding will be used to expand M Village's number of rooms in Ho Chi Minh City from 300 to 1,000 within the current year.
Q.Which venture capital firm led the investment round for M Village?
Which venture capital firm led the investment round for M Village?
The funding round was led by Simple Tech Investment, a venture fund based in Singapore.
Q.Who is the founder of M Village and what is their background?
Who is the founder of M Village and what is their background?
Nguyen Hai Ninh founded M Village. He is also the founder and former CEO of The Coffee House, a coffee chain with over 140 stores in Vietnam.
Q.How many locations does M Village currently operate, and what are their occupancy rates?
How many locations does M Village currently operate, and what are their occupancy rates?
M Village operates five locations in Ho Chi Minh City. Their occupancy rates currently exceed 90 percent.