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Startup of Nguyen Hai Ninh called for $ 1.7 million in capital13/04/2022
Startup of Nguyen Hai Ninh called for $ 1.7 million in capital
Mr. Nguyen Hai Ninh said on the afternoon of March 25 that he had just called $ 1.7 million in capital for M Village – a start-up company in the field of accommodation services.
Mr. Nguyen Hai Ninh is the co-founder and former CEO of The Coffee House. M Village is one of the latest projects of this businessman after leaving The Coffee House a year ago.
Leading the group of investors pouring capital into M Village is Simple Tech Investment (STI), a company specializing in investing in digital transformation business models such as 24h, SieuViet group, Anycar, 30Shine. In addition, this funding round has two foreign organizations, Vulpes Ventures (Singapore), Genesia Ventures (Japan) and some angel investors.
“The fundraising process started late last year and was quite smooth. STI agreed to invest only about a month after contacting,” Mr. Ninh said.
M Village was established in October 2020 and has its first accommodation facility operating in May 2021. Up to now, M Village has 5 operating establishments and 11 preparing to operate in Ho Chi Minh City with the number of about 300 rooms. The rental capacity is always 90-95%.
M Village’s business model is to cooperate with landlords to design and renovate real estate into accommodation facilities, then provide short- and long-term accommodation services with working and dining facilities. , community Connection.
According to Mr. Ninh, this is not a new business, even the oldest hotel in the world appeared nearly a thousand years ago. However, he sees opportunities from the fragmented market and growing demand for rent due to the change in attitudes about home ownership and young people’s living and working styles.
Mr. Ninh added that price competition with motel or apartment owners has never been a problem for this business. The reason is that this brand focuses on developing living space for a relatively specific group of customers, who are in the age group of about 25-35, unmarried, and have not yet committed to a certain accommodation.
The $1.7 million capital just successfully called was used by M Village to develop the system in Ho Chi Minh City. The goal is that by the end of this year, the company will lead this area in the number of rooms for rent with about 1,000. After that, the company continued to raise capital to expand the system to major cities and tourist cities with the goal of leading the serviced apartment market in the next two years.