South Korea-based online travel agency Tidesquare has secured ₩50bn ($44.3m) in a funding round that included commitments from internet group Kakao and cryptocurrency trading platform Dunamu, Web In Travel has reported.
The round also included private equity firm KCA Capital Partners, while Kakao invested $30.7m to lead it, acquiring a 28.9% stake and becoming the company’s second biggest shareholder in the process, according to the Investor.
Founded in 2009, Tidesquare provides an online platform that enables travellers to book hotels and flights. It focuses on a high-end customer base and also runs an e-commerce platform called Quartershop.
Tidesquare will look to leverage Dunamu’s expertise in data and blockchain technology, as well as the services offered on Kakao’s messaging platform, KakaoTalk. It also plans to exploits Singapore-based KCA Capital’s Southeast Asian network to expand in the region.
Min Yoon, Tidesqaure’s founder and chief executive, told Web In Travel: “The Korean travel industry has undergone drastic changes over the past few years due to rapid digitalisation trends and the entry of global online travel agencies.
“Tidesquare has responded to changes through active investment into the technological infrastructure for online travel within air, hotel, tour and activities and will focus on developing a personalised travel solution.”