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- Softbank-backed Klook raises $210M in new funding
Softbank-backed Klook raises $210M in new funding
Klook Travel Technology, a travel and leisure e-commerce platform, amassed $210M in a funding round led by Bessemer Venture Partners. This substantial capital infusion aims to bolster Klook's expansion as the travel sector rebounds from the pandemic.
Investor Line Up: Several high-profile investors, including private equity firm BPEA EQT and SMIC SG Holdings, joined the funding round, as per the Hong Kong-based startup's announcement. Existing investors like HongShan (formerly Sequoia China) also participated in the Series E+ round, which blended equity financing and bank facilities.
Total Funding: The latest funding round brings Klook's total capital raised to an impressive $900M.
Product Features: Backed by Softbank Group Corp., the startup mirrors the services of travel giants like Expedia Inc., helping travelers book a variety of activities. Additionally, one of Klook's growth strategies involves assisting first-time online bookers across Asia, according to Gnock Fah.
Pandemic Response: According to Ethan Lin, CEO and Co-founder of Klook, the company strategically capitalized on the pandemic situation by focusing on merchant digitization and broadening its supply network. This included expanding into new areas like car rentals and outdoor experiences.
Use of New Funds: Klook plans to harness the newly raised capital for several key initiatives. This includes invigorating product innovation, amplifying its reach through social and digital marketing channels, and integrating advanced AI technologies into its framework.
Partnership with Google Cloud: Klook is positioning itself at the forefront of the technology curve with a strategic partnership with Google Cloud. This collaboration includes automated translations, content generation, and a customer service chatbot.
Klook, founded in 2014, offers its users the ability to explore and book local transportation, tours, and restaurants across 2,300+ locations worldwide. It primarily competes with other experience booking services including Airbnb Inc., TripAdvisor Inc., and Expedia.