HOSPITALITY startup RedDoorz has raised US$45 million in a Series B round led by Chinese venture capital firm, Qiming Venture Partners, alongside Singapore-based Jungle Ventures and its network of limited partners.
The round included participation from new investor MNC Group, a leading media company in Indonesia that RedDoorz has entered into a strategic partnership with. Existing investors Hendale Capital, International Finance Corporation, Susquehanna International Group and others also came onboard.
RedDoorz, a hotel management and booking platform, said it will use the funds to aggressively pursue growth strategies and increase its lead in South-east Asia’s hospitality segment.
The Singapore-based startup has operations across more than 80 cities in four countries in the region, namely Singapore, Indonesia, the Philippines and Vietnam. It operates more than 1,200 budget hotels and properties.
Helen Wong, partner at Qiming Venture Partners, said: “We have seen the trend of budget hotel chains in China about 15 years ago, and believe that standardised accommodation at affordable prices will appeal to consumers and business travellers in South-east Asia too. As online penetration of the travel industry grows, RedDoorz will be a key beneficiary with the most extensive network of hotels in the region.”
The startup recently announced that it is on track to achieve one million occupied room nights per month by year-end. As at July 2019, RedDoorz is growing five times year on year and it has reached 500,000 occupied room nights, said the startup.