South Korean company ONDA has closed its Series B funding round, receiving $10 million from a consortium of investors, including TS Investment, NAU IB Capital, Industrial Bank of Korea, Square Ventures, K Bridge Ventures, and Breeze Investment.
The funds will be used to develop a system to attract inbound travel and accelerate the digitization of the domestic hospitality industry.
ONDA also intends to expand overseas, particularly into the Southeast Asian hotel market, to provide various solutions to help outbound Korean tourists find local hotels.
As a result, ONDA’s valuation has doubled compared to the pre-Series B round.
Founded in 2016, ONDA is a B2B SaaS (software as a service) company in the hotel industry.
Its main product ONDA HUB (formerly ONDA GDS), is an integrated sales platform covering 60-70% of South Korea’s online accommodation market.