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.
Subscribe to our newsletter below
“Our growth in 2018-2019 has been exponential,”
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.
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