- RedDoorz announced a fresh investment of US$70M. The funding comes in quick 
succession after its US$45M round due to high investor demand. 
- This new investment is the first close of a larger Series-C round and is led 
by Asia Partners with participation from new investors Rakuten Capital and 
Mirae Asset-Naver Asia Growth Fund. 
- The new capital will be used for market and product line expansions, and to 
build a second tech hub in Vietnam amongst other growth initiatives.

RedDoorz, Southeast Asia's largest and fastest-growing hotel management and 
booking platform, announced today it raised US$70M as first close of a larger 
Series-C funding.

Photo - https://photos.prnasia.com/prnh/20190819/2555223-1
Logo - https://photos.prnasia.com/prnh/20190819/2555223-1logo

Leading the round is Asia Partners, a Singapore-based growth equity firm 
founded by senior executives with an exceptional track record in scaling 
multi-billion tech companies (Sea, Naspers, Bukalapak) globally and across the 
region. RedDoorz is the first portfolio company of Asia Partners, which focuses 
on growth-stage investments in technology and technology-enabled companies in 
Southeast Asia.

Two other leading funds, Rakuten Capital and Mirae Asset-Naver Asia Growth 
Fund, joined the round. Existing investors Qiming Venture Partners and 
International Finance Corporation (IFC) also reiterated their support by 
participating in the round.

The startup's Series-C investment follows shortly after RedDoorz announced its 
Series-B funding of US$45M in April 2019. The new funding brings the total 
amount of funds raised by the company to approximately US$140M since its launch 
in 2015. RedDoorz is now among the best-funded startups in Singapore and, 
specifically, is the best funded company in its category of online affordable 
accommodations across Southeast Asia[1]. 

Amit Saberwal, Founder and CEO of RedDoorz said, "We are thrilled to welcome a 
new group of seasoned investors joining us in our mission to build the leading 
tech-enabled affordable travel brand in Southeast Asia. This new round is a 
testament to our strong business growth and market leadership position we were 
able to build during the last few years. RedDoorz operates in some of the most 
dynamic markets in the world and we see tremendous opportunities to continue 
growing our platform and expanding into new markets."

"We believe we are on the right track to create the next tech unicorn in 
Southeast Asia and with the backing of our new investors, who bring deep 
expertise building large successful tech and digital businesses in our region, 
we are well positioned to fully execute on our strategy and mission," he added.

RedDoorz will use the new funds to launch in new markets and scale technology, 
customer experience projects, people and marketing investments to further 
strengthen its leadership position in the region. A significant portion of the 
latest proceeds will be used to build a second engineering hub in Vietnam which 
will complement the current regional tech hub based out of India.

The company also plans to ramp up its hotel staff and quality training 
programmes across all properties in Singapore, Indonesia, Vietnam and the 
Philippines as it helps employ approximately 10,000 people across the region 
through its hotel partners.

The lead investor for this round, Asia Partners, was launched in 2019 by a team 
of senior executives who were involved in two of emerging Asia's most notable 
exits: the largest IPO (initial public offering) for a Southeast Asia startup 
(Sea Ltd.) and the largest tech cash exit in Asia's history (Flipkart's sale to 
Walmart).

Oliver M. Rippel and Nicholas A. Nash, Co-Founders and Partners of Asia 
Partners said, "Our mission is to help build and mentor Southeast Asia's next 
generation of tech unicorns. Our team has a unique combination of investing and 
operating skills to help companies such as RedDoorz become true market leaders. 
We have every confidence in the team's ability to capture the enormous 
opportunity which exists in the affordable travel segment. This investment 
affirms our belief in RedDoorz's vision and plan for the region."

Rakuten Capital, the corporate venture arm of Japanese Internet services giant 
Rakuten Group, has invested in regional leading companies such as Gojek, 
Carousell and Shopback. The Mirae Asset-Naver Asia Growth Fund, a joint venture 
between Seoul-based Mirae Financial Group and Internet company Naver 
Corporation, counts HappyFresh and BigBasket as portfolio companies and also 
recently participated in Grab's US$1B Series-H round.

[1] ASEAN UP, Top 20 best funded startups in Singapore: 
https://aseanup.com/top-startups-singapore/ 


About RedDoorz

RedDoorz is Southeast Asia's largest and fastest-growing, technology-driven 
hotel management company offering affordable accommodations for everyone. With 
a vision to enable people to travel more and provide an affordable reliable 
stay in all major cities and destinations across the region, RedDoorz is 
disrupting the hospitality industry by transforming the fragmented supply 
inventory into branded, standardised accommodations and leveraging its mobile 
app and digital channels to drive strong consumer demand.

The company was founded in 2015 by a team of senior executives with deep 
experience in the online travel and hospitality industry and has grown into a 
regional powerhouse with operations in Indonesia, Singapore, the Philippines 
and Vietnam. The firm has been growing by five times year-on-year.

As part of the RedDoorz brand network, hotel owners are able to grow their 
businesses and increase revenues while streamlining their operations. 
RedDoorz's solutions help partners manage distribution, pricing, marketing, 
customer experience and technology solutions -- offering an end-to-end platform 
powered by an advanced technology infrastructure. For more information, please 
visit www.reddoorz.com.

SOURCE RedDoorz