RedDoorz, Southeast Asia’s largest and fastest-growing hotel management and booking platform, announced today it raised $70 million as first close of a larger Series C funding.
Leading the round is Asia Partners, a Singapore-based growth equity firm founded by senior executives with an exceptional track record in scaling multibillion tech companies (Sea, Naspers and Bukalapak) globally and across the region. RedDoorz is the first portfolio company of Asia Partners, which focuses on growth-stage investments in technology and technology-enabled companies in Southeast Asia.
Two other leading funds, Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, joined the round. Existing investors Qiming Venture Partners and International Finance Corporation also reiterated their support by participating in the round.
The startup’s Series C investment follows shortly after RedDoorz announced its Series B funding of $45 million in April 2019. The new funding brings the total amount of funds raised by the company to approximately $140 million since its launch in 2015. RedDoorz is now among the best-funded startups in Singapore and, specifically, is the best funded company in its category of online affordable accommodations across Southeast Asia.
RedDoorz would use the new funds to launch in new markets and scale technology, customer experience projects, people and marketing investments to further strengthen its leadership position in the region. A significant portion of the latest proceeds would be used to build a second engineering hub in Vietnam, which would complement the current regional tech hub based out of India.
The company also plans to ramp up its hotel staff and quality training programs across all properties in Singapore, Indonesia, Vietnam and the Philippines as it helps employ approximately 10,000 people across the region through its hotel partners.
In the Philippines, RedDoorz has already created more than 1,000 jobs since the company launched in the country in 2018. The company grew its network of properties to more than 150 hotels across 10 cities during the first quarter of 2019.