Indonesia-based property technology startup Travelio announced on Thursday that Samsung Venture Investment Corporation has joined the company’s Series B funding round.
Samsung Venture Investment Corporation is the venture capital arm of South Korea’s conglomerate, Samsung Group. This is the second Samsung Ventures’ investment in Indonesia following its investment in Gojek last year.
The company said that Samsung Ventures’ investment would enhance Travelio’s business target in 2020 through deeper integration and partnership with the conglomerate’s network, technology and the electronic related ecosystem.
“We are very fortunate to have Samsung as the latest addition to our shareholders. Their track record and expertise will help to gear us up to be a globally recognized and reputable firm,” said Travelio CEO and co-founder Hendry Rusli.
The investment is a follow-up announcement after the firm secured an $18 million in Series B funding round co-led by private-equity firm Pavilion Capital and Gobi Partners.
Existing backers, including IndoGen Capital, Vynn Capital and Insignia Ventures also participated in the Series B round. The company also joined the $4 million series A funding round in May last year.
The company, which started as an accommodation-sharing platform for travelers, has evolved into an online residential real estate platform for local and expat tenants looking for temporary housing and affordable living options.
Travelio works with property owners and developers to help manage and monetise their vacant properties. The company claims to have partnered with nearly 5,000 properties across the archipelago.
The company said in a statement that the fresh proceeds will be allocated for marketing, talent acquisition, and development of new product verticals to better serve tenants and property owners.
It also expects to launch new services, including interior design, daily necessities, financing and logistics-related services.