RedDoorz raises $70 million in new funding round
(The Philippine Star) - August 25, 2019 - 12:00am

MANILA, Philippines — RedDoorz, Southeast Asia’s largest and fastest-growing hotel management and booking platform, has raised $70 million in a fresh series of funding round to support its rapid expansion, with the Philippines gaining ground as one of its most important markets.

In a statement, RedDoorz said the Series C funding came just after its $45-million Series B round last April as investors clamored for more. Leading the latest round is Asia Partners, a Singapore-based equity firm which focuses on growth-stage investments in technology-enabled companies in Southeast Asia, with two other top funds, Rakuten Capital and Mirae Asset-Naver Asia Growth Fund, joining.

Existing investors Qiming Venture Partners and International Finance Corp. also reiterated their support by participating in the round.

In series financing, promising startups  aiming to get its operations up and running provide outside investors the opportunity to invest in the company in exchange for equity, or partial ownership.

The new funding brings the total amount of funds raised by RedDoorz to approximately $140 million since its launch in 2015, making it among the best-funded startups in Singapore and, specifically, is the best funded company in its category of online affordable accommodations across Southeast Asia.

“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,” said Amit Saberwal, founder and CEO of RedDoorz.

In the Philippines, RedDoorz has already created more than 1,000 jobs since the company launched in 2018. Its network of properties has grown to more than 150 hotels across 10 cities during the first quarter of 2019, including locations in Metro Manila, Baguio, Pampanga, Tagaytay, Palawan, Cebu, Iloilo, Bacolod and Davao. RedDoorz has also recently added Bohol, General Santos City, Roxas City and Caticlan as new destinations that can now be explored by the Filipino consumers. These will be followed by new launches in Boracay Island, Antique, Capiz, Negros Occidental, Dumaguete, and Tacloban City by end of the year as the company continues to pursue an aggressive nationwide expansion.

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, standardized accommodations and leveraging its mobile app and digital channels to drive strong consumer demand.

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.

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