RedDoorz announced that it has raised Pre-Series A funding from 500 Startups to intensify its expansion plans in the South East Asia region. RedDoorz has previously raised funding from Jungle Ventures.
500 Startups is a leading global venture capital seed fund and startup accelerator. It manages $200M in assets and has invested in 1300+ technology start-ups in 50+ countries and works with 2300+ founders. The venture capital firm also helps startups find their users by encouraging them to use marketing and distribution best practices.
The new funding raised by RedDoorz complements its previous Pre-Series A funding raised from Jungle Ventures, a Singapore based venture firm that invests and helps build tech category leaders in Asia.
RedDoorz is South East Asia’s first asset light budget accommodation brand and service offering. It provides budget hotel owners access to expert advice and assistance to standardize their offering and directly distribute online via RedDoorz technology platform. Under the RedDoorz brand and service umbrella, these properties receive continued guidance to build repeat business and see higher online occupancies of up to 50 percent. To the consumer, a RedDoorz branded accommodation means receiving a consistent experience and great prices, complemented by the brand’s trust and security
RedDoorz launched in Indonesia three months ago and has already signed on 200+ budget hotels as customers. With the new funding from 500 Startups, RedDoorz will intensify its outreach in Indonesia, as it in parallel introduces its service offering in other prominent tourist and business hubs across South East Asia including Thailand, Singapore and Kuala Lumpur.
The South East Asia travel market today has a size of US$ 60.6 Bn1. Its prominent tourism and business hubs include Thailand, Bali, Singapore, Jakarta, Kuala Lumpur, etc. During many periods in the year, the demand for accommodation far exceeds supply in the region. A large number of properties are offline. Further, the market is highly fragmented with low adoption of online distribution technology. Hotel owners are unable to realize the full monetary potential of their assets and have to make do with lower average daily rates.
“We are thrilled to be part of the 500 Startups global community and network and are confident that with their support we will be able to rapidly expand the RedDoorz offering across a market that is ripe for transformation,” said Amit Saberwal, CEO & Founder, RedDoorz.
“The hotel industry globally is going through a lot of change and we’re glad to be working with RedDoorz to lead part of this change in a market like Indonesia,” said Khailee Ng, Managing Partner, 500 Startups.