Indonesia's Nida Rooms raises $4.2m

The company - which offers online budget room booking services across Indonesia, Thailand, the Philippines and Malaysia - was valued at about $11 million in the deal. The capital is expected to be applied to expansion efforts within ASEAN markets before a broader international push.

"The Nida Rooms opportunity fit our investment thesis well," said Adrian Li, managing partner of Convergence Ventures, according to Tech In Asia. "They have a strong and experienced team leading the implementation of a new business model developed to address the pain points of cost-conscious travelers around the world."

The company attracted $1.3 million of seed-stage financing from East Pacific Capital and True Capital Partners in November last year. This was followed quickly by the integration of 1,000 hotels into its "virtual hotel" operating model, which allows hoteliers to increase occupancy rates while guests benefit from service standardization.

Convergence targets early-stage technology companies with established business models and a focus on Indonesia or expansion within the Indonesian market. CyberAgent invests in seed to early-stage internet-related businesses with global market potential. It maintains offices in Indonesia, China, Japan, South Korea, Taiwan, Vietnam and the US.

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• Topics
• Southeast Asia
• Technology
• Early-stage
• CyberAgent Ventures
• TMT
• Indonesia