Wednesday, September 30, 2020

Line Man’s success attracts investment from top capital firm

Jul 30. 2020
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By The Nation

Growth capital firm, BRV Capital Management, is planning to invest US$110 million (approximately Bt3.3 billion) in Line Man, a top “daily life assistant” delivery app in Thailand.

This is the first time that any branch of the Line Group has secured an investment of this size for one of its overseas services, which proves that Line Man’s success in Thailand has a large scope for future growth.

The investment comes at a time when Line Man is merging with Wongnai Media Co, a leading “restaurant review and discovery platform” in Thailand, which has been Line Man’s restaurant partner since 2016.

Wongnai has the largest restaurant database in Thailand with more than 400,000 restaurants nationwide. Line Man app users are also able to order food via the Wongnai database.

Line Man provides six services, namely food delivery, groceries, convenience store items and parcels, along with messenger and taxi-hailing services.

Now partnering with more than 100,000 restaurants, Line Man currently operates in Bangkok, Nonthaburi, Samut Prakan, Nakhon Pathom, Samut Sakhon, Ayutthaya, Chonburi and Chiang Mai, and plans to cover 15 more areas in Thailand soon.

“We’re excited to be working with BRV Capital Management, which has repeatedly shown it knows how to find and develop winners,” said Eunjung Lee, chief of Line Plus Corporation’s global business for Southeast Asia.

“Since its launch four years ago, Line Man has grown into the most popular delivery application for Thai people – and now, this investment will help take it to the next level.”

BRV is a growth capital firm that led early rounds in PayPal and Waze, and operates offices in South Korea, Japan, and China. Based on the firm's experiences investing in companies in Silicon Valley and around the world, BRV said it decided to invest in Line Man because of its ongoing success in delivering innovative services in the Thai market, becoming a “daily assistant” for local users.

BRV Capital Management, an affiliated entity of US-based BlueRun Ventures, is an Asia-focused growth investment platform, with an active presence across Beijing, Shanghai, Hong Kong, Seoul, Tokyo and California.

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