Matrix Leads $5M Funding Of HK-based Online Travel Booking Site
Klook, a Hong Kong-based online travel startup that sells travel activities across Asia, has secured a $5 million Series A investment from a syndicate led by Matrix Partners. China Growth Capital and angel investor Francis Leung, chairman of CVC Capital, also participated. The round comes just months after Klook had raised a reportedly oversubscribed $1.5 million seed round this April from Xiaoguang Wu, a senior executive VP at Tencent.
Klook’s platform, which allows users to book tours and other travel activities at discounted prices, includes more than 1200 activities across 24 destinations in Asia. One-third of its 500,000 (up from 200,000 earlier this year) user base is from Greater China, and another third from Southeast Asia. By partnering directly with owners, Klook is able to offer lower prices than traditional tour operators. The startup plans to channel its new funds into adding new destinations and activities, developing the product, increasing marketing initiatives and opening an office in Singapore.
Other travel booking startups competing with Klook in the Asia Pacific region include Singapore’s BeMyGuest and South Korea’s MyRealTrip. In addition, Chinese sites such as Qunar, Ctrip, and JD Travel have begun selling more day trips and adventurous package tours; and Chinese startups such as Shanghai-based, Gobi-funded Aoliday also cater to outbound tourists. These ventures are banking on a trend of increased travel by Asia’s rising middle class. As adventurers demand more tailored and authentic experiences, these ventures are collectively poised to unlock the market’s full potential.
