Tech-based hospitality company RedDoorz raises $45M Series B

Singapore-based RedDoorz has raised $45 million in a Series B round to grow its technology-based budget hospitality brand in Southeast Asia.

The new round of funding was led by Chinese venture capital firm Qiming Venture Partners with Jungle Ventures and its network of limited partners.

The round also includes new investors MNC Group and support from existing investors Hendale Capital, International Finance Corporation, Susquehanna International Group and others.

RedDoorz says it is on track to achieve one million occupied room nights per month by the end of 2019, and as of this month it is growing five times year-on-year.

“Our growth in 2018-2019 has been exponential,” says Amit Saberwal, founder and CEO of RedDoorz.

“We are still deeply committed to our vision of empowering the local hospitality owners and connecting them with a growing base of customers who are using our platform to discover new destinations and travel more. The journey is just beginning for us and we are very excited about becoming the go-to choice for quality, predictable and standardized accommodations in the region.”

Founded in 2015, RedDoorz has operations in more than 80 cities in Singapore, Indonesia, the Philippines and Vietnam and operates more than 1,200 budget hotels and properties.

RedDoorz provides hotel owners the technology to manage distribution, pricing, marketing and customer experience.

“We have seen the trend of budget hotel chains in China about 15 years ago and believe that standardized accommodation at affordable prices will appeal to consumers and business travelers in Southeast Asia too,” says Helen Wong, a partner with Qiming Venture Partners.

“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 company has executed well to become number one, delivering strong value to hotel owners in user acquisition, technology and customer service. We look forward to working together with them and sharing our learnings from the China market.”