Aditya Hadi Pratama · · 1 min readIndonesian hospitality brand’s series B round led by Indies Capital
Artotel Group, an Indonesia-based hospitality firm, raised an undisclosed amount of series B funding in a round led by Indies Capital Partners.
Benson Capital, a local venture capital firm that focuses on the archipelago’s creative industry, also participated in this round.
Photo credit: Artotel Group
Founded in 2013, Artotel manages several hotels, restaurants, bars, and beach clubs across the country. The company, which focuses on promoting local art and artists, also has runs a branding, event management, and merchandising unit.
Artotel currently has around 20 properties with 3,000 rooms in total after it acquired Kyriad, a hospitality brand created by France-based Louvre Hotels Group, which owned 11 properties with 1,300 rooms in Indonesia.
Artotel plans to use the fresh funds to launch 29 new properties by 2023. For that, it will try to acquire other companies and target development in Indonesia’s Tier 1 and Tier 2 cities.
In 2018, Artotel raised a series A funding from Intudo Ventures.
Editing by Miguel Cordon and Arpit Nayak
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