Taiwan’s instant booking app FunNow secures $5m Series A

Taipei City, Taiwan. Photo by Tom Ritson on Unsplash

FunNow, a Taiwan-based instant booking app for leisure activities, has raised $5 million in a Series A round led by the Alibaba Entrepreneurs Fund for its expansion in Southeast Asia and Japan.

According to a Techcrunch report, existing investor CDIB Capital and new investors Darwin Ventures and Accuvest Global Advisors also joined the round.

The latest round brings FunNow’s total funding to about $6.8 million. The startup plans to use the proceeds to expand its operations in Hong Kong, Okinawa, Kuala Lumpur, Bangkok, Osaka and Tokyo.

Similar instant booking apps include Hong Kong-based Klook, which recently secured $200 million in funding last week, and KKday, which raised an undisclosed amount from Alibaba Entrepreneurs Fund in July. However, FunNow has differentiated itself by serving the local users, while the other two focus more on the growing tourism sector.

The app claims to offer 20,000 activities daily to its 500,000 members and says that around 70 per cent of its monthly gross sales volume is from repeat customers.

Counting on an aggressive growth plan, FunNow expects its revenue to reach $16 million in 2018 or three times what it generated in 2017.

FunNow raised 1.5 million from CDIB Capital in a pre-Series A round in July 2017 and $300,000 from undisclosed angel investors in 2015, according to Crunchbase data.

Also Read:

HK’s Klook raises $200m from Sequoia, Matrix Partners, Goldman, others

Online travel startup KKday raises financing from Alibaba Entrepreneurs Fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.