Bangkok-based travel tech startup Tourkrub is reportedly raising $5 million in a Series B funding round from undisclosed investors, according to a statement.
The company’s fundraising round is followed by a $3 million funding by Thailand’s local travel group King Power Click, the statement added. SMEs Private Equity Trust Fund, the VC fund of the Government Savings Bank, also participated in the round, alongside Thai snack company Tao Kae Noi and 500 TukTuks.
Established in 2016, Tourkrub curates and offers corporate incentives, packaged tours, and private groups for outbound travelers.
The funds raised will be used to provide services for Southeast Asia’s outbound tourists, among others.
Citing data from Thailand Immigration Bureau, the firm said that Bangkok is the city hub for many outbound travelers going to other destinations, especially to neighboring countries including Vietnam and Myanmar.
Tourkrub founder and CEO Jakapan Leeathiwat said that for the past six years, outbound tourism has been booming with an 8.8 per cent annual growth on an average, on the backdrop of growing middle class, and baht appreciation, among other factors.
Besides Tourkrub, Thailand has a slew of travel tech startups including a marketplace for local tours in Thailand and SEA TakeMe Tour, online deals platform for multi-category SocialGiver, and high-end vacation rental platform UpStay.