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.