Singapore hotel platform RedDoorz gets $45m Series B
Singapore-based hotel management and booking platform RedDoorz has raised $45 million in a Series B round led by China’s Qiming Venture Partners.
Jungle Ventures also contributed, alongside the International Finance Corporation (IFC), Susquehanna International, Hendale Capital, and Indonesian media conglomerate MNC Group. It follows an $11 million investment last year, billed as a pre-Series B, that including Jungle, IFC, Susquehanna and Hendale, as well as InnoVen Capital, FengHe Ventures, and Hong Kong family office Deep Sky Capital.
RedDoorz aims to drive tourism in Southeast Asian by standardizing services in the region’s fragmented budget hotel space while connecting with consumers via various online channels, including a mobile app. It currently operates about 1,200 budget hotels and other properties across more than 80 cities in Singapore, Indonesia, the Philippines, and Vietnam.
The company said it grew fivefold during the past year and was on track to achieve one million occupied room nights per month by year-end 2019. This compares to 500,000 currently. Helen Wong, a partner at Qiming, described it was the leader in its category thanks to strong performances around user acquisition, technology applications, and customer service.
"We have seen the trend of budget hotel chains in China about 15 years ago and believe that standardized accommodation at affordable prices will appeal to consumers and business travelers in Southeast Asia too,” Wong said in a statement. “As online penetration of the travel industry grows, RedDoorz will be a key beneficiary with the most extensive network of hotels in the region.”
RedDoorz’s competitors include Zen Rooms, a budget hotel operator and online booking platform that operates across Indonesia, Malaysia, the Philippines, Thailand, and Singapore. The company has identified Korean tourists as one of the fastest-growing demographics in its market and raised a $15 million round last year from Seoul-based online-to-offline local services platform Yanolja.
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