Singapore-based online hotel booking platform RedDoorz has secured $45m in a series B round featuring quantitative trading firm Susquehanna International Group (SIG) and media company Media Nusantara Citra, PhocusWire reported on Sunday.
Venture capital firms Qiming Venture Partners and Jungle Ventures co-led the round, which included Hendale Capital, International Finance Corporation (IFC) and unnamed existing investors.
RedDoorz’s online platform enables people to book short-term accommodation in more than 80 cities across Singapore, the Philippines, Vietnam and Indonesia. It also operates more than 1,200 budget hotels and properties itself.
News of the funding comes after DealStreetAsia reported in March 2019 that the company was in the process of raising $50m for its series B round. It has now secured more than $63m in equity funding altogether.
SIG Asia Investments, an investment subsidiary of SIG, had taken part in an $11m round for RedDoorz 12 months before that included fellow existing investors Jungle Ventures, IFC and Hendale Capital as well as FengHe Group, InnoVen Capital and DeepSky Capital.
The company had previously raised $5m in a December 2016 series A round which added to a $1.4m round closed in January the same year. RedDoorz also secured $1m in venture debt from InnoVen Capital in 2017.
Jungle Ventures initially contributed to the company’s $1m seed round in April 2015, before reportedly investing an undisclosed amount five months later.
Photo courtesy of RedDoorz.