Wavemaker backs diving-focused online travel agency in $1m seed round

Even though scuba diving travel in Asia alone is valued at US$4.5 billion, it’s not typically served by large online travel agencies. This is why travel startup ZuBlu wanted to focus on this niche.

The Hong Kong-based startup just announced that it has secured US$1 million in a seed funding round led by early-stage venture capital firm Wavemaker Partners. Mana Impact, She1K, and strategic angel investors also participated in the round.

ZuBlu co-founders Matthew Oldfield (left) and Adam Broadbent / Photo credit: ZuBlu

The experience-driven sector is underserved and fragmented due to the complexity of putting together marine experiences as well as finding resorts and operators. ZuBlu’s platform allows people to do all these “at the click of a button,” as the company put it.

ZuBlu was built in 2017 by Adam Broadbent and Matthew Oldfield to help people search, compare, and book scuba diving activities and underwater adventure travel, in general, with a focus on Asia.

With the investment, the company plans to improve the user experience of its platform and expand its resort portfolio and experience offerings. Part of the new funds will go towards increasing its marketing outreach to educate, inform, and inspire its audience.

The company also looks to cater to all those who are seeking underwater adventure travel, including snorkelers, freedivers, and surfers, ZuBlu told Tech in Asia.

In spite of the impact of Covid-19 on the travel sector, ZuBlu said that it has grown its resort partner network and member community by 46% and 425% respectively this year. The founders are also optimistic about the rise of travel in the post-outbreak era.

“Scuba diving and underwater adventure travel – in particular, to remote destinations that are home to incredible experiences – are uniquely positioned to flourish in a post-coronavirus market,” said Broadbent.

According to ZuBlu, 90% of the 1,000 people it surveyed in the diving community said that they hope to book their next trip within a month after travel restrictions get lifted.

ZuBlu is not alone in this niche market. Other players include Singapore-based Divegraphy, Taiwan-based DeepBlu, and Swiss company Diviac, among others.

Prior to its seed round, the startup was part of the fourth cohort of Betatron, a Hong Kong-based startup investor and accelerator.