Tokyo-headquartered CyberAgent Ventures, a venture capital arm of Internet firm CyberAgent Inc, has announced its second round of funding in Vexere Corporation, a Vietnam-based startup which operates Vexere.com, an online bus ticket booking portal.
Vexere.com was officially launched in July 2013. It has since listed information of more than 1,000 bus operators and attracted about 700,000 monthly visitors, to become the number one online bus ticket booking portal in Vietnam.
Vexere also offers a product called Bus Management System (BMS), which is used by more than 30 big bus operators.
This undisclosed funding round is also co-invested by Singapore-based Pix Vine Capital, led by its chief investment partner Patrick De Silva.
“The funds will be used to accelerate further growth of Vexere Coporation’s users and partners. CyberAgent Ventures is committed to contribute to enhancing Vexere’s value by making the most of CyberAgent’s resources, including its existing operations, business experience and know-how,” Dzung Nguyen, Cyberagent Ventures’ head of Vietnam and Thailand, said in a release sent toDEALSTREETASIA.
Last year, CyberAgent Ventures invested in Vexere through an undisclosed seed round. The series A funding for the inter-provincial car booking system is done by its CA Asia Internet Fund I LP – a fund specialised in early stage Internet start-ups in South East Asia (SEA).
Also read: Cyberagent Ventures to launch $50m second Southeast Asia fund with focus on Indonesia
It primarily focuses on investment in early stage startups. A $50 million second fund for the SEA region, which has a strong focus on Indonesian startups, will soon be launched.
Vexere.com is not the first in the Vietnam online ticketing sector, but unlike others it focuses on the bus transportation category. Others such as ticketbox.vn, triip.me, yesgo.vn and vntic.vn, are focused on flights, hotels, tours and events.
As DEALSTREETASIA had earlier reported, customers can buy tickets that are cheaper by 10-50 per cent than through other methods, depending on the bus companies’ policies in collaboration with Vexere.