Korean early-stage startup investment firm, The Invention Lab, has announced a follow-up investment of 1.5 billion won in the Series A3 round of Go2Joy, a Vietnamese hourly unit hotel reservation agency service platform. The company’s service provides a hotel hourly reservation service for domestic customers in Vietnam, connecting over 5,000 hotels nationwide and processing over 10,000 reservations every month.
The investment is expected to bolster Go2Joy’s expansion plans, focusing on major cities where there is high demand for private spaces, such as Thailand and the Philippines. Kim Jin-young, CEO of The Invention Lab, expressed confidence in Go2Joy’s business model and the demand for private space matching platforms, stating that the the younger generation in Vietnam is more proactive than in Korea, and the gathering culture with lovers and friends is rapidly spreading around big cities.
The Invention Lab has been investing in early-stage startups since 2018, discovering local app/web services and forming local teams targeting only domestic customers in Vietnam. The company has invested in 17 teams so far, including Go2Joy, Vietnam’s #1 hourly hotel reservation brokerage service, and OKSE, Vietnam’s #1 used motorcycle trading service.
Byun Seong-min, CEO of Go2Joy, welcomed the follow-up investment from The Invention Lab stated that the company is gaining momentum in attracting new institutional investors. He also expressed the company’s plans to expand in the future, focusing on large cities with high demand for private spaces. The Invention Lab has established a governance structure with a Korean parent company-Vietnamese self-company structure and is actively participating in follow-up investments in series A and B rounds. VSKEN (Vietnam Korean Startup Entrepreneur Network) has also been established since January 2023, operating a a platform that connects promising startups in Korea and Vietnam, as well as investment opportunities.
The investment by The Invention Lab is expected to strengthen Go2Joy’s position as a high-end private space matching platform that also offers reservations and accommodations. As the demand for private spaces continues to rise among younger generations in Vietnam and other Southeast Asian countries, Go2Joy is well-positioned to capture a significant market share in the industry.
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