Hong Kong-based Klook, a travel services booking platform, on Wednesday announced that it has raised close to $60 million in a Series C funding round co-led by Goldman Sachs and existing investors Sequoia Capital and Matrix Partners.
The round also saw participation from various Asia-based family funds.
The latest funding round will help Klook in its global expansion, the company said in a statement. “Klook’s mission is to empower every person to travel independently, with all in-destination needs taken care of, for the ultimate hassle-free experience and more time to enjoy the trip,” said Ethan Lin, Co-Founder of Klook. “This round of funding gives us additional resources to further strengthen our leading position in Asia while accelerating expansion into new markets and verticals.”
Targeted at free and independent travellers (FITs), Klook has built a network of close to 30,000 travel activities and services covering more than 120 destinations worldwide since its launch in 2014. The Klook app allows travellers to easily access local transit, skip the lines at major theme parks, discover ancient cities on a guided tour, or skydive over beaches and mountains.
Klook claims to record over 1 million bookings a month, serving users from over 50 nationalities with a majority coming from Asia. Some of the platform’s fastest growing user markets include Greater China, South Korea, the Philippines, Thailand and Indonesia, where mobile bookings contribute over 70 per cent of the total. The startup’s service is available in seven different languages and accepts over 30 currencies.
“As demonstrated by its remarkable growth, Klook is a leading player in the Asian in-destination travel space and has a proven track record in cross-region business development,” said Stephanie Hui, Head of Principal Investment Area at Goldman Sachs in Asia ex-Japan. “Our investment, together with the network and resources of Goldman Sachs, will help Klook further expand and provide services globally.”
Since its last round of funding earlier this year, Klook has doubled its staff from 200 to well over 400 located in 13 offices across Asia. Building on this momentum, the startup said it will use the additional financing to expand globally to capture the growing market opportunity for both Asian travellers going long-haul to North America, Europe, Australia and inbound visitors to Asia from these developed markets, it said.