Singapore public transport booking startup Easybook banks nearly $5m in fundraise

Singapore-based Easybook, an online platform for booking trains, buses, and ferries, has raised nearly US$5 million from Malaysian boutique investment firm Emissary Capital.

Easybook founder and CEO William Lee told Tech in Asia that there were a few major contributors in the Emissary Capital fund, including Penaja Kapital, which is owned by Malaysia’s Ministry of Finance.

Photo credit: Easybook

Lee said that Easybook will use the new funds to invest in online marketing, hire new IT and operation staff, and help the company march through the Covid-19 pandemic, which has hit the travel and transportation sectors particularly hard.

The startup will also set aside part of the new capital to help it provide back-end ticketing systems for transport players, especially in Indonesia and Malaysia.

“The back-end ticketing system is the key to the whole business as a majority of transport entities are still manual in the ASEAN region,” Lee noted. “Ground and sea transport are essential travel, and are not affected by an economic downturn, and even during Covid-19 lockdowns, most places are still operating at 10% to 50% capacity.”

According to Lee, Easybook plans to keep its business anchored mainly in Indonesia, Malaysia, and Singapore. While the company previously expanded to 10 countries in Southeast Asia, it had to scale down operations outside its three core markets because the pandemic had led to a resource drain, he said.

Looking ahead, Lee shared Easybook’s intention to conduct a “much bigger” funding round as soon as possible, adding that the company is working with Emissary Capital on the succeeding round.