Shipment app Line Guy states it will combine with Wongnai, a dining establishment evaluation platform, while protecting fresh capital expense worth US$ 110 million (3.46 billion baht) from BRV Capital Management to boost the brand-new entity.
The deal marks the very first time any entity in the Japan-based Line Group has actually protected a monetary investment of this size for its abroad service, according to a Line Guy declaration.
The relocation is anticipated to customer service Guy as it tussles with other local gamers like Grab, Gojek and Foodpanda in the food shipment war.
The big capital raise is another favorable indication for Thailand’s start-up environment in the 2nd half of the year.
Electronic digital media platform Ookbee has actually revealed that it will raise Series C financing by the 3rd quarter. QueQ, a regional line management platform, prepares to raise Series B financing by year-end.
The BRV financial investment in Line Guy comes as the shipment app is combining with Wongnai Media. Line Guy and Wongnai have actually been organization partners considering that 2016.
Wongnai has more than 10 million users every month and holds the biggest dining establishment database in Thailand, with over 400,000 dining establishments across the country. In addition, Line Guy app users have actually had the ability to buy food by means of the Wongnai database.
This capital expense intends to enhance the freshly combined entity and broaden its advancement as it continues to grow in the Thai market, according to Line Guy’s declaration.
Line Guy, which has actually run in the Thai market considering that 2016 under Line Thailand, uses 6 services: shipment of food, groceries, corner store products and parcels, plus messenger and taxi hailing services.
Line Guy runs in Bangkok and numerous provinces, consisting of Nonthaburi, Samut Prakan, Nakhon Pathom, Samut Sakhon, Ayutthaya, Chon Buri (Pattaya City) and Chiang Mai, with strategies to broaden even more this year. The app has more than 100,000 partner dining establishments.
” We’re thrilled to be dealing with BRV Capital Management, a development capital company that has actually consistently revealed it understands how to discover and establish winners,” stated Eunjung Lee, head of international organization for Southeast Asia at Line Plus Corporation. “Given that its launch 4 years back, Line Guy has actually become the most popular shipment app for Thais. This financial investment by BRV Capital Management will assist take Line Guy to the next level.”
BRV is a development capital company that led early rounds for PayPal and Waze, and runs regional workplaces in South Korea, Japan and China. BRV is an associated entity of BlueRun Ventures, a US-based equity capital company.
BRV stated it chose to purchase Line Guy due to the fact that of the business’s continuous success at providing ingenious services for the Thai market, ending up being a “everyday assistant” for regional users.
Natavudh Pungcharoenpong, creator and president of Ookbee, stated the offer signals great financial investment belief amongst foreign financiers for Thai start-ups and highlights a brand-new kind of cooperation in a joint organization design, varying from the requirement of start-ups leaving by IPO.
Through resources from Wongnai, the offer will “make it possible for Line Guy to take on local gamers Get, Gojek and Foodpanda”.
To date, Line Guy still runs generally in Thailand, Mr Natavudh stated.
Ookbee is likewise in the procedure of raising Series C financing, which will be finished by the 3rd quarter.
” There are extremely couple of Series C-funded start-ups in Thailand, such as Pomelo and SYNQ [formerly Omise],” Mr Natavudh stated.
Ruangroj Poonpol, handling partner of equity capital company 500 TukTuks, stated the pandemic is driving lots of seed start-ups out and motivating financiers to invest strictly in recognized and appealing start-ups.
In spite of getting funds and combining with Wongnai, Line Guy still deals with obstacles in the online food shipment section, which is extremely competitive, Mr Ruangroj stated.
” I think Thailand will have unicorn start-ups [valued at US$1 billion] in the next 2 years,” he stated.
