15:12 | 20/08/2019 Companies
(VEN) - RedDoorz, Southeast Asia’s largest and fastest-growing hotel management and booking platform, announced it raised US$70 million as first close of a larger Series C funding yesterday. The new capital will be used for market and product line expansions, and to build a second tech hub in Vietnam amongst other growth initiatives.
Leading the round is Asia Partners, a Singapore-based growth equity firm founded by senior executives with an exceptional track record in scaling multi-billion tech companies (Sea, Naspers, Bukalapak) globally and across the region. RedDoorz is the first portfolio company of Asia Partners, which focuses on growth-stage investments in technology and technology-enabled companies in Southeast Asia.
Two other leading funds, Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, joined the round. Existing investors Qiming Venture Partners and International Finance Corporation (IFC) also reiterated their support by participating in the round.
The startup’s Series C investment follows shortly after RedDoorz announced its Series B funding of US$45 million in April 2019. The new funding brings the total amount of funds raised by the company to approximately US$140 million since its launch in 2015. RedDoorz is now among the best-funded startups in Singapore and, specifically, is the best funded company in its category of online affordable accommodations across Southeast Asia.
Amit Saberwal, Founder and CEO of RedDoorz said, “We are thrilled to welcome a new group of seasoned investors joining us in our mission to build the leading tech-enabled affordable travel brand in Southeast Asia. This new round is a testament to our strong business growth and market leadership position we were able to build during the last few years. RedDoorz operates in some of the most dynamic markets in the world and we see tremendous opportunities to continue growing our platform and expanding into new markets.”
RedDoorz will use the new funds to launch in new markets and scale technology, customer experience projects, people and marketing investments to further strengthen its leadership position in the region. A significant portion of the latest proceeds will be used to build a second engineering hub in Vietnam which will complement the current regional tech hub based out of India.
The company also plans to ramp up its hotel staff and quality training programmes across all properties in Singapore, Indonesia, Vietnam and the Philippines as it helps employ approximately 10,000 people across the region through its hotel partners.