Cocotel, a Philippine-based travel tech startup that provides budget resort/hotel room accommodation in gateway destinations in the country, was en route to a $1-million pre-Series A funding with a Hong Kong investor.
The contract with the initial tranche was signed last March 15 and the team was ecstatic because summer, a peak season for the travel industry, was approaching, according to Rafael Jouwena, Cocotel’s co-founder and chief financial officer.
