Singapore-based hotel booking platform RedDoorz has raised $11m in a round featuring SIG Asia Investments, part of technology and trading firm Susquehanna International Group (SIG), E27 has reported.
The deal was also backed by International Finance Corporation, the private investment arm of multilateral development institution World Bank, as well as InnoVen Capital, a venture capital firm backed by Singaporean state-owned firm Temasek.
Jungle Ventures, DeepSky Capital, FengHe Group and Hendale Capital also contributed to the round. The company plans to raise $25m to $35m to close it by the end of 2018, according to TechCrunch.
Founded in 2015, RedDoorz operates a short-term accommodation portal in Southeast Asia aimed at the budget end of the spectrum. Its franchisees and affiliates guarantee amenities such as free wifi, satellite television, toiletries and clean linen for customers.
The funding will be put towards expansion in the region, including in Indonesia where the service is available in 16 cities. RedDoorz recently launched its first owned-and-operated property, a 65-room hotel in Singapore’s Marine Parade estate.
The company has now raised a total of $18.4m in equity and debt according to TechCrunch, including $1.4m in seed funding from unnamed investors in January 2016.
RedDoorz subsequently added $5m in a previously unannounced series A round in December the same year, and $1m in venture debt from InnoVen Capital in April 2017.