Short-term accommodation platform Yanolja has paid $15m for a “significant” stake in Singapore-based hotel booking platform Zen Rooms.
Founded in 2015, Zen Rooms runs an online short-term accommodation booking service connected to a network of more than 7,000 rooms across Indonesia, Malaysia, the Philippines, Singapore and Thailand.
However, the company had been making losses leading to reports in March this year that it could shut down. The deal gives Yanolja the right to wholly acquire Zen Rooms in future.
Zen Rooms had previously raised $8m in funding, according to TechCrunch, including an undisclosed sum in 2015 from e-commerce holding company Rocket Internet and Asia Pacific Internet Group (APACIG), the joint venture formed by Rocket and telecommunications company Ooredoo.
The company added $4.1m in an April 2017 round co-led by SBI Investment Korea, a venture capital vehicle for financial services provider SBI, and Redbadge Pacific, with APACIG also investing. It has not revealed whether any investors exited in the latest round.