REDDOORZ, a hotel management and booking platform, last week raised $70 million at the first close of a larger Series C funding.
Singapore-based growth equity firm Asia Partners, Rakuten Capital, and Mirae Asset-Naver Asia Growth Fund, joined the funding round. Existing investors Qiming Venture Partners and International Finance Corporation (IFC) also participated in the round.
The Series C investment brings to $140 million the total of funds raised by RedDoorz since it launched in 2015.
“We are thrilled to welcome a new group of seasoned investors joining us in our mission to build the leading tech-enabled affordable travel brand in Southeast Asia. This new round is a testament to our strong business growth and market leadership position we were able to build during the last few years. RedDoorz operates in some of the most dynamic markets in the world and we see tremendous opportunities to continue growing our platform and expanding into new markets,” Amit Saberwal, founder and CEO of RedDoorz, was quoted as saying.
RedDoorz said it will use the new funds to enter new markets, launch customer experience projects, and invest in people and marketing. A portion of the proceeds will be used to build a second engineering hub in Vietnam.
The company also plans to boost its hotel staff and quality training programs across all properties in Singapore, Indonesia, Vietnam and the Philippines. As of the first quarter, RedDoorz has more than 150 hotels across 10 cities in the country, including Metro Manila, Baguio, Pampanga, Tagaytay, Palawan, Cebu, Iloilo, Bacolod and Davao.
RedDoorz also added Bohol, General Santos City, Roxas City and Caticlan as new destinations.