LINE MAN Merges With Wongnai, Receives USD110 Million Investment from BRV Capital Management
2020.07.30 ALL
■ As a leading restaurant review and discovery platform, Wongnai merger to help LINE MAN cement position as Thailand’s “No. 1 daily life assistant”
■ Securing major financial investment represents a first for LINE Group’s overseas services
BANGKOK – July 30, 2020 – LINE MAN, the “No. 1 daily life assistant” delivery app in Thailand, announced today that it has reached an agreement with growth capital firm BRV Capital Management (BRV) to receive a capital investment worth USD110 million. This is the first time that any entity in the LINE Group has secured a financial investment of this size for one of its overseas signature services, demonstrating the success LINE MAN is having in the Thailand market as well as its scope for future growth.
The BRV investment comes as LINE MAN is merging with Wongnai Media Co., Ltd. (Wongnai), the leading “restaurant review and discovery platform” in Thailand, which has been its restaurant partner since 2016. Wongnai currently has more than 10 million users each month, and carries the largest restaurant database in Thailand with over 400,000 restaurants nationwide. In addition, LINE MAN app users have been able to order food via the Wongnai database.
This capital investment aims to strengthen the newly merged entity and expand its development as it continues to grow in the Thai market. LINE MAN has been providing an on-demand assistant and professional services for local users around the clock, offering six services: food delivery, groceries, convenience store items and parcels, along with messenger and taxi hailing services. Partnering with more than 100,000 restaurants, LINE MAN currently operates in Bangkok and several provinces such as Nonthaburi, Samutprakran, Nakornprathom, Samutsakorn, Ayuthaya, Chonburi - Pattaya City and Chiang Mai, with plans to expand to cover 15 regions in Thailand this year.
“We’re excited to be working with BRV Capital Management, a growth capital firm that has repeatedly shown it knows how to find and develop winners,” said Eunjung Lee, Head of Global Business for Southeast Asia at LINE Plus Corporation. “Since its launch four years ago, LINE MAN has grown into the most popular delivery application for the Thai people — and now, this investment by BRV Capital Management will help take LINE MAN to the next level.”
BRV is a growth capital firm that led early rounds in PayPal and Waze, and operates local 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 the company’s ongoing successes at delivering innovative services for the Thai market, becoming a “daily assistant” for local users.
■ About LINE Corporation
Based in Japan, LINE Corporation (NYSE:LN/TSE:3938) is dedicated to the mission of “Closing the Distance,” bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.
■ About LINE MAN
LINE MAN has operated in the Thai market since 2016, and today is the nation’s No. 1 on-demand assistant app, with over 3 million users per month (as of January 2020). Currently LINE MAN offers six services: delivery for restaurants, groceries, convenience store items and parcels, along with messenger and taxi hailing services.
■ About BRV Capital Management
BRV Capital Management, an affiliated entity of BlueRun Ventures (a venture capital firm based in Menlo Park, USA), is an Asia-focused growth investment platform, with an active presence across six cities (Beijing, Shanghai, Hong Kong, Seoul, Tokyo, and Menlo Park). Leveraging 20+ years of global investment track record and relevant power networks, BRV as a strategic partner invests in category winners and adds differentiated value through deep focus on innovative transformation. To date, BRV has invested in over 150 companies, including but not limited to, exited portfolios such as PayPal (acquired by eBay), Waze (acquired by Google), Topsy (acquired by Apple), and Coupa (NASDAQ: COUP).
■ About Wongnai Media Co., Ltd.
Wongnai, Thailand’s leading restaurant review and discovery platform, has connected people to comprehensive content and users’ reviews on restaurants since 2010. Wongnai has also developed O2O (Online-to-Offline) services for consumers’ everyday life and Restaurant Solutions for restaurant owners. At present, Wongnai serves more than 10 million monthly active users and the largest restaurant database in Thailand, covering over 400,000 eateries. Wongnai currently operates in 9 cities across Thailand.