- New capital a confidence boost for Klook as the leading
travel technology player in the region
- Funds to accelerate the digital transformation of merchants
with the development and roll-out of Klook-powered merchant
Software-as-a-Service (SaaS) solutions
HONG KONG, Jan. 26, 2021 /PRNewswire/ -- Klook, a
world-leading travel and leisure booking platform, today announced
that it has raised US$200 million in
additional funding. The Series E round was led by Aspex Management,
an investment fund focused on Asia
Pacific, in addition to other new investors. Sequoia Capital
China, Softbank Vision Fund 1, Matrix Partners China, and Boyu
Capital, who are existing investors, also participated in this
round of funding.
During the past year, Klook quickly re-prioritized its core
strategic strengths to tackle the impact of the pandemic on the
business. The company focused on two main areas - digitizing the
experiences booking sector, and launching new verticals such as
staycations and car rental. Key markets where COVID-19 restrictions
have eased such as Singapore,
Hong Kong, and Taiwan have witnessed increased spending on
local experiences, with bookings reaching near pre-COVID levels as
locals start exploring domestically.
"Despite a challenging 2020, we have shown our mettle, turning
challenges into growth opportunities with agility and constant
innovation. We've observed over the past year that consumers have a
pent-up desire to explore and enjoy themselves, despite
international travel being paused. Instead, they are turning
inwards - exploring new and unique experiences right in their
backyard," said Ethan Lin, CEO and
Co-Founder at Klook. "This new capital further strengthens our
leading position to take us from defense to offense, as domestic
tourism becomes ubiquitous and international travel gradually
returns."
"The travel industry has undoubtedly been hit hard by the
pandemic, but Klook has shown resilience and adaptability despite
the market headwinds. We believe the transition toward digital
bookings will only accelerate post COVID-19, and that Klook's
ability to reinvent itself as a one-stop-shop for experiences and
services across the region puts it in prime position to capitalize
on this trend," said Hermes Li, CIO
and Founder of Aspex Management.
New capital to accelerate the development and digital
transformation for merchants
Despite being in extended lockdowns, Klook has seen merchants in
such markets who are eager to digitize their business. At the
height of the pandemic, Klook onboarded 150% more activities
compared to the same period in 2019. With this new capital, the
company will accelerate the development and roll-out of its
merchant SaaS solutions. Designed to bridge the gaps faced by
merchants today, these tools will empower any merchant to build,
manage, and scale their business with Klook.
Today, the company's merchant SaaS solutions power millions of
bookings for more than 2,500 merchants worldwide. Doubling down on
its SaaS solutions will enable even more merchants who have had a
challenging year to transform and accelerate their business by
easily creating an online storefront powered by Klook. This is
supported by a backend engine that manages ticketing, distribution,
inventory management, marketing, and more.
"We are setting out to reimagine the next digital leap for the
experiences sector which has traditionally been fragmented with
offline practices or legacy systems that do not truly address the
realities of a post-COVID world. Since day one, Klook has been
working closely with our merchants, both big and small, to identify
common pain points that we can solve together. With this new
funding, we have additional ammunition to accelerate our technology
innovation, and truly transform and empower this space for future
growth," added Eric Gnock Fah, COO and Co-Founder at Klook.
In the second half of 2020, Klook piloted a series of such
tools.
- Contact Tracing System: This free-to-use system was
rolled out across partners' local attractions in the Philippines, allowing for quicker
identification and follow-ups should the need arise.
- Attractions Plus: Made for attractions and major
establishments, this module allows customers to seamlessly access
all the content they need in just one app: from an in-park map and
what to eat, to recommended itineraries.
- Klook Live!: Interactive livestream mobile feature,
users can experience merchants' offerings up-close through
entertaining and interactive instant video content. Early results
observed 4 times the average uplift in conversion rates.
The company has also forged stronger partnerships with tourism
boards such as the Hong Kong Tourism Board, Japan National Tourism
Organization, Korea Tourism Organization, Singapore Tourism Board,
and the Tourism Authority of Thailand among others, to help diversify
offerings and to grow demand domestically. In Singapore, Klook was appointed by the
Singapore Tourism Board as an authorized booking partner for the
SingapoRediscovers Vouchers (SRV), to boost domestic demand and
reinvigorate the industry.
More information on Klook's Digital Solutions:
https://www.klook.com/en-US/article/14632-digital-solutions
Press Assets:
https://drive.google.com/drive/folders/1SAzge1Axu2jBfZy4QGbNkEszGEzHm9eY
About Klook
Founded in 2014, Klook is a world-leading travel and leisure
booking platform. Klook empowers users around the world to discover
and book the best experiences and services anywhere, anytime. It
provides a seamless way for users to explore popular attractions,
tours, local transportation, food and beverage, and unique
experiences at home or around the world on Klook's website and
award-winning app (consecutive Best of Year awarded by Google Play
and Apple App Store). Each day, users indulge in their wanderlust
and spontaneity through over 100,000 offerings in more than 400
destinations.
Klook's services are available in 14 languages, supporting 41
currencies. Get inspired by Klook at www.klook.com, the company
blog, or @Klook.
About Aspex Management
Aspex Management is an investment management firm focused on
pan-Asian opportunities across both the public and private equity
markets. The firm looks to invest in industries and partner with
companies exposed to large addressable markets with long-term
growth potential as well as those undergoing structural changes.
Aspex invests capital on behalf of endowments, non-profit
foundations, family offices and outsourced investment offices
across the globe.
For media enquiries, please contact:
Klook Press
Phone: +65 9030-4228
press@klook.com