Singapore's RedDoorz raises $70m
Singapore hotel management and booking platform RedDoorz has raised $70 million in Series C funding less than a month after closing a $45 million Series B.
Asia Partners, a local growth-stage VC that raised $70 million in June for its debut fund, led the round. RedDooz is the GP’s first portfolio company.
Incoming investors also include Rakuten Capital, the VC arm of Japanese internet giant Rakuten, and Mirae Asset-Naver Asia Growth Fund, a vehicle established by Mirae Asset Capital and Korean internet conglomerate Naver. Qiming Venture Partners and the International Finance Corporation, which both contributed to the Series B, also participated.
The investment will be used to expand RedDooz’s product line and build a technology hub in Vietnam among other growth initiatives. It brings the company’s total funds raised to date to $140 million since launching in 2015. Previous investors include Jungle Ventures, Hendale Capital, SIG China, Deep Sky Capital, FengHe Ventures, InnVen Capital, and 500 Startups.
RedDooz claims to be Southeast Asia's largest and fastest-growing, technology-driven hotel management company. Its main business is the operation of about 1,200 budget hotels and other properties across some 80 cities in Southeast Asia. The service leverages various online booking channels, including a mobile app and is said to have grown fivefold during the past year.
"We believe we are on the right track to create the next tech unicorn in Southeast Asia,” Amit Saberwal, founder and CEO of RedDoorz, said in a statement. “With the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well-positioned to fully execute on our strategy and mission.”
Asia Partners was founded by Oliver Rippel, previously an executive at South African conglomerate Naspers, and Nick Nash, the former president of Singapore gaming platform Sea. Nash was head of Southeast Asia at General Atlantic before joining Sea.
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