RedDoorz makes US$70M first close of Series C round, to launch tech hub in Vietnam
Following up a US$45 million Series B funding round the company announced in July, Southeast Asian hotel management and booking platform RedDoorz today announced a US$70 million first close of its Series C funding round.
The funding round is led by Singapore-based growth equity firm Asia Partners, with the participation of Rakuten Capital, Mirae Asset-Naver Asia Growth Fund, existing investors Qiming Venture Partners and International Finance Corporation (IFC).
In a press statement, RedDoorz said that it will use the new funding to launch in new markets, scale technology, run customer experience projects, as well as to invest in people and marketing.
It is also planning to use a “significant portion” of the investment to build a second engineering hub in Vietnam, to complement its existing on in 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.
” … 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,” said RedDoorz CEO Amit Saberwal.
“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.
Lead investor Asia Partner was launched in 2019 by a team of senior executives who were involved in two of emerging Asia’s most notable exits: Sea Ltd’s IPO and Flipkart’s sale to Walmart.
RedDoorz itself has been competing head-to-head with OYO to win the Southeast Asian market.