Miguel Cordon · · 1 min readRedDoorz raises $45m to ‘aggressively’ pursue growth opportunities
Singapore-based hospitality startup RedDoorz has raised US$45 million in a series B round to “aggressively” pursue growth strategies in Southeast Asia’s affordable accommodation segment.
Photo credit: RedDoorz
The fundraise was led by Chinese venture capital firm Qiming Venture Partners, along with Jungle Ventures and its network of limited partners. Indonesian media company MNC Group as well as existing investors including Hendale Capital, International Finance Corporation, and Susquehanna International Group also participated in the round.
Launched in 2015, RedDoorz claims to operate more than 1,200 budget hotels and properties in more than 80 cities across Singapore, Indonesia, the Philippines, and Vietnam. The company said it was on track to hit 1 million occupied room nights per month by the end of 2019. As of July, it has already reached 500,000.
It was previously reported that RedDoorz wanted to raise US$50 million in the series B round to boost its tech product team and to work on “deeper features” like its AI-based pricing algorithm.
Editing by Eileen C. Ang
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