RedDoorz, a Singapore-based hotel booking platform backed by technology and trading firm Susquehanna International Group (SIG), is set to raise up to $50m in a series B round, DealStreetAsia reported yesterday.
The round is being led by China-based venture capital firm Qiming Venture Partners and will include new investors, RedDoorz founder and chief executive Amit Saberwal told the publication.
Founded in 2015, RedDoorz operates an online platform that allows travellers to book short-term budget accommodation in the Philippines, Singapore and Indonesia. It also operates a fully-leased 65-room hotel property in Singapore.
Proceeds from the round will be used to expand the company’s network to more than 12,000 hotels in Southeast Asia by 2022.
SIG Asia Investments, an investment subsidiary of SIG, previously took part in an $11m funding round for RedDoorz in March 2018, investing alongside International Finance Corporation, InnoVen Capital, Jungle Ventures, DeepSky Capital, FengHe Group and Hendale Capital to boost its total funding to $18.4m.
SIG, IFC and Jungle Ventures all participated in the round as existing investors, and RedDoorz was looking to close the round at between $25m and $35m by the end of 2018, according to TechCrunch.
The company had previously raised $5m in a December 2016 series A round, adding to $1.4m in seed funding secured in January the same year. It also closed a $1m venture debt round led by InnoVen in April 2017.