Nguyen Hai Ninh startup needs $1.7 million in capital
Mr Nguyen Hai Ninh said on the afternoon of March 25 that he had just called in $1.7 million in capital for M Village – a start-up company in accommodation services.
Mr. Nguyen Hai Ninh is the co-founder and former CEO of The Coffee House. M Village is one of the entrepreneur’s latest projects 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 that specializes 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 several angel investors.
“The fundraising process started late last year and was pretty smooth. STI agreed to invest only about a month after contacting,” Ninh said.
Nguyen Hai Ninh on the M Village campus in District 3. Photo: Characters provided.
M Village was established in October 2020 and has the first accommodation facility operating in May 2021. To date, M Village has 5 operational units and 11 units ready to operate in Ho Chi Minh City with a total of around 300 rooms. Rental capacity is always 90-95%.
M Village’s business model is to work with landlords to design and renovate real estate into accommodation facilities, then provide short and long term accommodation services with work and dining facilities. , Community Connections.
According to Mr. Ninh, this is not a new business, in fact the oldest hotel in the world appeared almost a thousand years ago. However, he sees opportunities from a fragmented market and increasing demand for rent due to changing attitudes about home ownership and young people’s lifestyles and work.
Mr Ninh added that price competition with motel or apartment owners has never been a problem for this business. This is because the brand focuses on developing living spaces for a relatively specific group of customers, aged around 25-35 years old, unmarried, and not yet committed to a particular accommodation.
The recently raised $1.7 million capital was used by M Village to develop the system in Ho Chi Minh City. The target is that by the end of this year, the company will lead the area with around 1,000 rooms being rented out. After that, the company continued to raise capital to expand the system to major cities and tourist cities with the aim of leading the serviced apartment market in the next two years.
East
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