Klook secures US$200 million amid pandemic

Klook has completed a new round of funding and will leverage it to accelerate the development and digital transformation for merchants.

The travel platform has raised US$200 million in the Series E round led by Aspex Management, an investment fund focused on Asia Pacific, in addition to other new investors. Existing investors Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital also participated in this round of funding.

Although the business has been impacted by the pandemic, Klook has seen merchants in markets such as Taiwan, Hong Kong and Singapore who are eager to digitise their business amid the strong headwind. According to the company, at the height of the pandemic, it onboarded 150% more activities compared to the same period in 2019. With this new capital, Klook will accelerate the development and roll-out of its merchant SaaS solutions. Designed to bridge the gaps faced by merchants today, these tools will empower merchants to build, manage, and scale their business with Klook.

“This new capital further strengthens our leading position to take us from defense to offense, as domestic tourism becomes ubiquitous and international travel gradually returns," said Ethan Lin, CEO and co-founder of Klook.

Hermes Li, CIO and founder of Aspex Management, commented, "We believe the transition towards digital bookings will only accelerate post COVID-19, and that Klook’s ability to reinvent itself as a one-stop-shop for experiences and services across the region puts it in prime position to capitalise on this trend."

Klook's merchant SaaS solutions power millions of bookings for more than 2,500 merchants worldwide. Doubling down on its SaaS solutions will enable even more merchants who have had a challenging year to transform and accelerate their business by easily creating an online storefront. This is supported by a backend engine that manages ticketing, distribution, inventory management, marketing and more.

“We are setting out to reimagine the next digital leap for the experiences sector which has traditionally been fragmented with offline practices or legacy systems that do not truly address the realities of a post-COVID world. With this new funding, we have additional ammunition to accelerate our technology innovation, and truly transform and empower this space for future growth,” added Eric Gnock Fah, COO and co-founder of Klook.

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