Singapore-based standardized accommodation startup RedDoorz is raising a series B round of up to USD 50 million, which will be led by Chinese VC firm Qiming Venture Partners, a source familiar with the deal tells Tech in Asia.
If the target amount is raised, the deal will bring the hotel chain’s total amount of funding to roughly USD 70 million.
With over 500 properties across Indonesia, Philippines, Vietnam and Singapore, RedDoorz is committed to serving a quality stay experience for customers throughout its regional network.
The funds will be used to enhance RedDoorz’s technology and brand, the person says. Part of this is increasing its tech product team and working on “deeper features” like its AI-based pricing algorithm. According to the source, while RedDoorz is already working on their technology and branding, it is still “a long way to go” before perfecting them.
Part of the money will also be used for expansion in the future, the source notes. Malaysia and Thailand are particularly interesting markets for RedDoorz, but the person thinks that it isn’t looking to expand in 2019.
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