When travel platform KKday raised the first part of its Series C in September 2020, the travel landscape was very different. Now, as KKday announces that it’s added $20 million to the round, bringing its total to $95 million, travel trends are changing, with more people going on domestic or international trips. The funding was led by Asia private equity firm TGVest Capital.
“We plan to use the new funding to double down on expanding our footprint in key markets, including China’s Taiwan and Hong Kong, Japan, Korea and Asia,” founder and CEO Ming Chen told TechCrunch. “In addition, we are preparing for an influx of both domestic and international travelers as borders reopen.”
The startup says that in June 2022, its gross merchandise value exceeded pre-COVID levels, and it also lowered its user acquisition cost to one-third of the amount it spent before the pandemic. It’s making revenue and exceeding its revenue numbers from before COVID-19.
Part of the funds will be used for hiring across departments, including software engineers, research and development, business development and operations, and marketing. The capital will also be used to develop tech products for the online travel agencies (OTAs) and merchants who provide activities and services on KKday’s platform.
KKday says its SaaS solution for merchants to manage bookings and inventory, called Rezio, is now used by 1,600 merchants around the world and reaches 2.7 million travelers.
Read original article