Vietnamese hotel booking site Vntrip.vn has successfully raised funding from Switzerland’s IHAG Holding in a round that sees its valuation rise to US$45 million.

This is the third successful round of funding for Vntrip.vn. The site received a $3-million investment from Alibaba’s angel investors in 2016. One year later, Vntrip.vn received another investment from Hendale Capital worth $10 million.

Vntrip said that this round would help it increase its resources and establish premises to grab a greater share in other sectors such as air ticket online booking.

Vntrip.vn was founded by Le Dac Lam, a businessman of the 8X generation. The company was originally established based on a partnership with Booking.com, the world’s largest online travel company which is valued at $65 billion.

After that, the Vietnamese startup partnered with Expedia, which is Booking.com’s biggest competitor, to increase its room availability. Up to now, Vntrip.vn has built itself a network of over 10,000 hotels across the country.

IHAG Holding is known as Switzerland’s global investment group which has financed companies specialised in different fields in many countries. One of the special members of IHAG Holding’s Board of Directors is Armin Meier, who is the former CEO of Kuoni, the world’s leading tour operator with annual revenue of over $5 billion. — VNS