Klook, a Hong Kong-based travel and leisure booking platform, announced today it has raised US$200 million in its Series E funding round, led by local investment firm Aspex Management.
Existing investors Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital, besides a few unnamed new investors, also participated.
As per a press note, the new capital will be used to bankroll the development and roll out Klook’s merchant SaaS solutions, which will enable merchants to build, manage and scale their business on the platform.
With the travel industry heavily impacted by COVID-19, the company has re-prioritised its core strategic strengths and is now focused on two main areas — digitising the experiences booking sector and launching new verticals such as staycations and car rental.
In key markets such as Singapore, Hong Kong and Taiwan where restrictions have eased, Klook claims to have witnessed increased spending on local experiences, with bookings reaching near pre-pandemic levels as locals start exploring domestically.
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“We’ve observed over the past year that consumers have a pent-up desire to explore and enjoy themselves, despite international travel being paused. Instead, they are turning inwards exploring new and unique experiences right in their backyard,” shared Ethan Lin, CEO and Co-founder at Klook.
“The travel industry has undoubtedly been hit hard by the pandemic, but Klook has shown resilience and adaptability despite the market headwinds. We believe the transition toward digital bookings will only accelerate post-COVID-19, and Klook is well-positioned to capitalise on this trend,” said Hermes Li, CIO and Founder of Aspex Management.
Despite being in extended lockdowns, Klook remarked that it has seen merchants eager to digitise their business. At the height of the pandemic, Klook onboarded 150 per cent more activities compared to the same period in 2019.
The company has also entered into partnerships with the Hong Kong Tourism Board, Singapore Tourism Board, and the Tourism Authority of Thailand, among others, to help diversify offerings and to grow demand domestically.
In Singapore, Klook was appointed by the Singapore Tourism Board as an authorised booking partner for the SingapoRediscovers Vouchers to boost domestic demand and reinvigorate the industry.
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Image Credit: Klook
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