Travel booking startup Klook bags US$225m in Series D+ funds

Travel booking startup Klook bags US$225m in Series D+ funds

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2 -min read
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KLOOK, a travel activities and services booking platform, has snagged US$225 million in Series D+ funding led by SoftBank Vision Fund, bringing its total Series D round fundraise to US$425 million.

Klook achieved unicorn status when its valuation crossed US$1 billion in August last year after raising US$200 million. It has raised over US$520 million from investors such as Goldman Sachs.

The Series D+ funding also saw participation from existing investors including Sequoia China, US-based private equity firm Matrix Partners, US-based growth equity firm TCV, and Israeli equity venture crowdfunding platform OurCrowd.

The Hong Kong-based company said it will use the fresh funds to scale its operations into new geographical locations and continue to expand in its existing Asian markets. It plans to deepen its investments in Japan - one of its most important markets - ahead of the 2020 Summer Olympics in Tokyo and will expand into more Japanese cities to better serve both inbound and outbound visitors.

Klook, which was founded in 2014, employs more than 1,000 staff across over 20 offices worldwide. In the last year, it expanded into Australia, Europe and the US, and bagged global partnerships with Shangri-La Hotels and Resorts as well as Rail Europe, a distributor of rail products that represents more than 50 railroads in Europe.

The company is working on a mobile-first strategy. It said that in 2018, trip bookings on mobile devices tripled and accounted for over 75 per cent of total bookings.

Lydia Jett, partner at SoftBank Investment Advisers, said: “We believe Klook is a leader in taking a mobile-first approach to the travel activities and services industry. The company has seen great success in scaling its business across different geographies and cultures, and we are excited to help them drive further innovation in the global travel industry.”