Vision Fund, the $98.6bn investment fund managed by telecommunications and internet group SoftBank, led a $225m series D-plus round for China-based travel services provider Klook yesterday.
Venture capital firms Sequoia Capital China and Matrix Partners, growth equity firm TCV and equity crowdfunding platform OurCrowd also participated in the round, which will be added to $200m in series D funding Klook raised in August 2018 at a $1bn post-money valuation.
Klook runs an online platform that enables travellers to book tours, restaurants, transportation and tickets to local attractions which they can fulfil using QR codes.
The company has entered the US, Europe and Australia in the past year, and the latest funding will support further international expansion, particularly in Asia where Japan-headquartered SoftBank can support growth in its home country.
The round brought Klook’s overall funding to $525m since it was founded in 2014, and the initial series D round included Sequoia China, Matrix Partners, TCV, OurCrowd, investment bank Goldman Sachs, private equity firm Boyu Capital and an unnamed, Asia-based sovereign wealth fund.
Matrix Partners led the company’s $5m series A round in 2016, participating alongside China Growth Capital and angel investor Francis Leung. Klook added $30m in a March 2017 series B round led by Sequoia China and backed by Matrix Partners and VC firm Welight Capital.
Sequoia China, Matrix Partners and Goldman Sachs subsequently provided $60m of series C funding for Klook in October the same year.
Lydia Jett, partner at SoftBank Investment Advisers, which manages Vision Fund, said: “We believe Klook is a leader in taking a mobile-first approach to the travel activities and services industry.
“The company has seen great success in scaling its business across different geographies and cultures, and we are excited to help them drive further innovation in the global travel industry.”
