Linklaters advised the lead investor LINE Man Corporation Pte. Ltd (LINE MAN) on its US$265m Series B fundraising in LINE MAN Wongnai. The fundraising exercise is co-led by Singapore’s sovereign wealth fund GIC Pte Ltd.
LINE MAN Wongnai is a Thailand-based food and parcel delivery service provider, established in 2020 through the merger of the food delivery app LINE MAN, a unit of LINE Corporation, and Thai restaurant review platform Wongnai.
With the investment, LINE MAN Wongnai has achieved unicorn status with a valuation of over US$1bn, making it one of Thailand’s largest technology startup by valuation. The funding will be used to strengthen the company’s strong position in the food delivery market, expand new service categories, recruit tech talent and improve tech infrastructure.
The Linklaters team was led by Singapore-based corporate partner and global co-head of TMT Niranjan Arasaratnamwith support from counsel Sonya Kalnin.
Partner Niranjan Arasaratnamcommented:
“We are honored to have supported LINE MAN on its investment in this milestone fundraising which supports the company’s commitment to tailoring its services to the local market. Our involvement in this successful fundraising is a testament to the firm’s expertise in assisting the thriving startup communities in Thailand and across Southeast Asia. We look forward to continuing to support clients in this fast growing and innovative market.”
.