Asian Travel Startup Klook Raises Fresh $200M
Klook, a well-known venture-backed travel startup based in Hong Kong, has raised a fresh funding round of $200 million that was led by Aspex Management, with further participation from a mix of new and existing backers including SoftBank, Sequoia Capital, Boyu Capital, and Matrix Partners China.
With the new round, Klook has now raised a total of over $720 million in venture funding in its six years of existence. The valuation that came with the round wasn’t disclosed, but for a hint, Klook was valued at more than $1 billion from a funding round back in 2018.
Klook is a fast-growing travel startup based in Hong Kong. It’s majorly a platform for people to book travels, tours, and related activities around the globe. 2020 was a year that saw global travel activity dwindle due to the Covid-19 pandemic and thus saw Klook adjust itself and began developing SaaS solutions for merchants.
With Klook’s Software-as-a-Service (SaaS) suite, merchants and retailers have an easy way to offer travel and leisure activities to their customers, facilitating key tasks like ticketing, distribution, inventory management, and marketing. More than 2,500 merchants have already adopted the platform, Klook says.
Klook will mainly use its new funding to grow its SaaS business. In its other business of travel activities, the company says it’s begun seeing a gradual recovery as lockdowns that were enacted in response to the Covid-19 pandemic become eased amid the rollout of vaccines. Major markets for Klook include Asian regions like Singapore, Hong Kong, and Taiwan.