The Hong Kong-based travel activities and services booking platform Klook has raised US$225 million in Series D+ funding led by SoftBank Vision Fund. This increases the company’s total Series D funding round to US$425 million, claimed to be the largest financing in the global travel activities and services industry.
With the additional funding, Klook will scale its operations into new geographies and continue to expand in its existing Asian markets. For instance, Japan is one of Klook’s most important markets and is also the headquarters of SoftBank Group. The company plans to increase its investments in Tokyo for the 2020 Summer Olympics and will expand into additional Japanese cities to better serve both inbound and outbound visitors.
“This latest investment is a true testament to the progress made by the Klook team in building the world’s number one super app for all in-destination needs,” said Eric Gnock Fah, COO and co-founder of Klook.
Klook has employed a mobile-first strategy. In 2018, trip bookings on mobile devices tripled and accounted for over 75% of total bookings. Coupled with an accelerated expansion plan to grow its global footprint and service offerings, the company is expected to maintain its strong momentum with triple-digit growth in bookings, according to the press release.
“We believe Klook is a leader in taking a mobile-first approach to the travel activities and services industry,” said Lydia Jett, partner at SoftBank Investment Advisers.
“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.”
Added Ethan Lin, CEO and co-founder of Klook: “Our vision is to bring the world closer together by connecting the best of what a destination has to offer with travellers from all over the globe.”
The company expanded its global footprint into Australia, Europe and the United States last year. Klook also entered into major global partnerships with Shangri-La Hotels and Resorts, Asia Pacific’s luxury hotel group; and Rail Europe, a distributor of European rail products that represents more than 50 railroads throughout Europe.