South Korean venture capital firm BonAngels Venture Partners has led an undisclosed investment in Malaysia-based travel startup LokaLocal.
With this investment, LokaLocal becomes BonAngels’ first Malaysian portfolio company. The venture capital firm has previously invested in around 140 companies in Korea, Japan, the US and Southeast Asia.
LokaLocal said it will use the proceeds to accelerate its growth through its integrated tech solution, acquisition of meaningful products and regional expansion. The company aims to cover 50 cities, towns and villages within the next year.
Established in 2016, LokaLocal is an experience-based platform that claims to have managed over 800 tours and workshops. The platform also acts as a marketplace connecting travellers with local experts and local experiences.
“We can already see the growing interest in off-the-beaten-track experiences over mass tourism. This new funding will enable LokaLocal to further solidify its leading position in Malaysia,” said LokaLocal founder and CEO Chin Yoon Khen.
Prior to founding LokaLocal, Khen worked as the COO of Malaysia’s first crowdfunding platform Mystartr, a system analyst at Intel and a planning management consultant at Dell.
In December 2017, LokaLocal had raised RM300,000 in funding under the ‘Cradle Investment Programme 300’ from Cradle Fund Sdn Bhd.
In 2017, the company was named as the winner of a social impact award by the Mekong Innovative Startups in Tourism (MIST).
Two months ago, BonAngels led an investment in VLeisure, a Vietnamese tech startup operating as a travel and accommodation booking platform.