Wongnai Receives Funding To Expand Its Category and Towards Other Cities.
Wongnai, the Thailand-based restaurant review startup, has recently managed to secure another round of funding from Recruit Holding Co,. Ltd’s an investment subsidiary RSP fund No.5, LLc, in order to expand their category into beauty reviews, and to launch Wongnai at other cities in Thailand.
At the moment, the total amount of said investment has not been disclosed. CEO and Co-founder of Wongnai, Yod Chinsupakul, has pointed out that the amount is more than what the startup secured during its Series A round, and that the valuation has gone up by more than two folds. The company has previously managed to raise somewhere between US$500,000 to US$1 million from Recruit Strategic Partners during May 2013, as part of their Series A round.
With over one million registered users on Wongnai’s current food platform, Chinsupakul stated while speaking to reporters, that they have the resources, technology, and people to spearhead another product. He further stated. “Our vision, when we (first) started Wongnai has always been to review and discover every type of local business, not just food.”
Wongnai’s expansion into the beauty market will not be just another cosmetic reviewing site. This new product shall be used to focus on beauty services such as clinics, dermatologists, spas and salons.
The firm will be launching Wongnai Beauty sometime during this year, and expand towards other cities within Thailand, this include Chon Buri, Hua Hin, Phuket and Nakorn Ratchsima, accorind to the official statement.
Chinsupakul stated that their expansion into Chang Mai has gone off successfully, further elaborating that the company’s acquisition of Hungeryfatguy during March of this year, has proven to be a lucrative decision. Its revenue in the city has increased by more than 30 percent since the acquisition.