Nida Rooms, an Indonesia-based economy hotel network backed by internet company CyberAgent, has raised $5.6m in a series A round led by investment firm Shanda Group, The Star reported on Wednesday.
Founded in September 2015, Nida operates an online platform that customers can use to book rooms in a range of budget partner hotels in Indonesia, Thailand, Malaysia and the Philippines.
The round, which included unnamed Southeast Asian investors, will support an expansion into Singapore and the further development of Nida’s technology and network of partner hotels.
Nida raised $1.5m in seed funding from undisclosed backers in 2015 before adding $4.2m in an April 2016 bridge round that included CyberAgent’s corporate venturing subsidiary, CyberAgent Ventures, and venture capital firm Convergence Ventures at a $11m valuation.