Southeast Asia-focused hotel management and booking platform RedDoorz announced today that it has raised $70 million in its Series C funding round led by Singapore-based private equity firm Asia Partners.
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The fresh funding brings RedDoorz’s total funds raised since its launch in 2015 to $140 million. The latest round was also backed by Rakuten Capital, Mirae Asset-Naver Asia Growth Fund, and existing investors Qiming Venture Partners, and International Finance Corporation.
The company said it will use the new capital for market and product line expansions. A significant portion of the latest proceeds will be used to build a second engineering hub in Vietnam which will complement the current regional tech hub based out of India.
The Singapore-based company also plans to ramp up its hotel staff and quality training programs across all properties in Singapore, Indonesia, Vietnam, and the Philippines as it helps employ approximately 10,000 people across the region through its hotel partners.
“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,” said RedDoorz founder and CEO Amit Saberwal.
The Series C funding round came shortly after RedDoorz announced its Series B funding of $45 million in April 2019. The said round was led by Qiming Venture Partners.
Founded in 2015, RedDoorz operates over 1,200 budget hotels in more than 80 cities across four Southeast Asian countries, namely Singapore, the Philippines, Indonesia, and Vietnam.
“We believe we are on the right track to create the next tech unicorn in Southeast Asia and with the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well-positioned to fully execute on our strategy and mission,” Saberwal said.
Asia Partners, the lead investor in this round, recently secured an $80-million first close for its debut fund, which has a target corpus of over $300 million.
The firm’s co-founders and partners, Oliver Rippel and Nicholas Nash, said the Asia Partners team has unique investing and operating skills to help companies such as RedDoorz become true market leaders.
“This investment affirms our belief in RedDoorz’s vision and plan for the region,” they said.