Hong Kong - Amid the resurgence of the Asian travel sector, Klook, an Asia-based travel services and experiences platform, has closed a $210 million funding round.
The move aims to fuel the company's expansion and strengthen its financial stability.
Why It Matters:
Completing this funding round is significant for Klook's growth trajectory and financial health.
The travel industry, particularly in Asia, shows signs of recovery, and Klook's business has tripled since 2019.
Klook's success reflects broader trends in the global travel market, which is expected to grow significantly by 2033, particularly in the Asia-Pacific region.
The Key Points
- Klook's funding round, led by Bessemer Venture Partners, includes contributions from diverse investors, including BPEA EQT, Atinum Investment, Golden Vision Capital, and several Southeast Asian corporations.
- The company reported significant growth in its business, tripling in size compared to 2019 and reaching $3 billion in annualized gross bookings. In 2023, Klook achieved overall profitability for the first time.
- More than 80% of Klook's bookings are made through its mobile app, reflecting its mobile-first solid business strategy.
- The company plans to use the new funds for product innovation, increased digital marketing efforts and AI integration, and expanding regional collaborations.
What They Say:
Ethan Lin, CEO and co-founder of Klook, emphasizes the company's focus on digitizing merchant services and expanding its delivery network.
This strategy, including car rentals and outdoor experiences, has been the cornerstone of the company's success.
Lin also predicts a positive future for the Asian travel industry, influenced by global events and increased digital adoption.
What Comes Next:
Klook plans to channel its newly acquired funds into several key areas.
These include product innovation, particularly in expanding its City Pass offerings, strengthening its social and digital marketing strategies, and integrating AI technology into its platform.
