Klook Completes US$200M in Additional Funding
- New capital a confidence boost for Klook as the leading travel technology player in the region
Funds to accelerate the digital transformation of merchants with the development and roll-out of Klook-powered merchant Software-as-a-Service (SaaS) solutions
HONG KONG, Jan. 26, 2021 /PRNewswire/ -- Klook, a world-leading travel and leisure booking platform, today announced that it has raised US$200 million in additional funding. The Series E round was led by Aspex Management, an investment fund focused on Asia Pacific, in addition to other new investors. Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital, who are existing investors, also participated in this round of funding.
During the past year, Klook quickly re-prioritized its core strategic strengths to tackle the impact of the pandemic on the business. The company focused on two main areas - digitizing the experiences booking sector, and launching new verticals such as staycations and car rental. Key markets where COVID-19 restrictions have eased such as Singapore, Hong Kong, and Taiwan have witnessed increased spending on local experiences, with bookings reaching near pre-COVID levels as locals start exploring domestically.
"Despite a challenging 2020, we have shown our mettle, turning challenges into growth opportunities with agility and constant innovation. 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," said Ethan Lin, CEO and Co-Founder at Klook. "This new capital further strengthens our leading position to take us from defense to offense, as domestic tourism becomes ubiquitous and international travel gradually returns."
"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 that Klook's ability to reinvent itself as a one-stop-shop for experiences and services across the region puts it in prime position to capitalize on this trend," said Hermes Li, CIO and Founder of Aspex Management.