Singapore-based online hospitality management startup ZUZU Hospitality Solutions has raised $2 million in a seed funding round led by Singapore and Silicon Valley venture capital firm Wavemaker Partners.
Additional new investors in the round include Singapore-based Golden Gate Ventures, along with both Alpha JWC, and Convergence Ventures of Indonesia. Former Hilton President Paul Brown, and existing investor Goodman Capital also participated in the round, ZUZU said in an announcement on Monday.
ZUZU, that provides technology-led, outsourced sales and marketing solution for independent hotels, will used the proceeds in its proprietary technology platform – specifically its revenue management technology – as well as its account management function. This will allow ZUZU to deliver a “Software and a Service” model to its partners.
With travel and accommodation increasingly relying on online means in Southeast Asia, the region earlier in July saw Expedia investing $350 million in Indonesian online travel portal.
This investment round in ZUZU follows an earlier angel investment round of $1 million.
“The opportunity in front of us is big. We’ve already partnered with more than 150 hotels across Asia..Our model is working. Now it’s time to grow,” said ZUZU Co-Founder Vikram Malhi.
ZUZU uses an account management based model, delivering the solution directly for a hotel, removing the cost for a hotelier of managing sales, distribution and revenue management with in-house teams.
Meanwhile, early stage investor Wavemaker recently closed its second Southeast Asia-focused vehicle at $66 million, backed by Singapore-based Temasek Holdings, World Bank Group’s IFC, as well as prominent companies and family offices from the region.