Singapore-based RedDoorz has raised $45 million in a Series B round to grow its technology-based budget hospitality brand in Southeast Asia.
The new round of funding was led by Chinese venture capital firm Qiming Venture Partners with Jungle Ventures and its network of limited partners.
The round also includes new investors MNC Group and support from existing investors Hendale Capital, International Finance Corporation, Susquehanna International Group and others.
RedDoorz says it is on track to achieve one million occupied room nights per month by the end of 2019, and as of this month it is growing five times year-on-year.
Founded in 2015, RedDoorz has operations in more than 80 cities in Singapore, Indonesia, the Philippines and Vietnam and operates more than 1,200 budget hotels and properties.
RedDoorz provides hotel owners the technology to manage distribution, pricing, marketing and customer experience.
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