Klook recently announced that it has completed a near US$60 million Series C funding. This round of investment, representing the largest deal ever for an in-destination service booking platform, is a co-investment led by Sequoia China which also led the Series B funding, Goldman Sachs and existing investor Matrix Partners, along with participation from various Asia-based family funds through global VC fund, OurCrowd. The proceeds of the funding will be used to finance global expansion and accelerate product growth and innovation.
Since the launch in 2014, Klook has built a network of close to 30,000 travel activities and services covering more than 120 destinations worldwide. With a few simple taps on the Klook App, travelers can easily access local transit, skip the lines at major theme parks, discover ancient cities on a guided tour, or skydive over beaches and mountains. Klook's seamless booking process, powered by its innovative technology, benefits users with QR code e-vouchers and instant confirmation.
Today, Klook brings in over 1 million monthly bookings, serving users from over 50 nationalities with the majority coming from Asia. Klook's robust growth has been driven by the rise of independent travelers and the fast adoption of mobile booking. Some of Klook's fastest growing user markets include Greater China, South Korea, Philippines, Thailand, Indonesia, among others where mobile contributes over 70% of total bookings. To better serve travelers worldwide, Klook's service is available in 7 different languages and accepts over 30 currencies, with more to come.
Since previous funding earlier this year, Klook has doubled its staff from 200 to well over 400 located in 13 offices across Asia. Building on this momentum, Klook will use the additional financing to expand globally to capture the growing market opportunity for both Asian travelers going long-haul to North America, Europe, Australia and inbound visitors to Asia from these developed markets.
"Klook's mission is to empower every person to travel independently, with all in-destination needs taken care of, for the ultimate hassle-free experience and more time to enjoy the trip," says Ethan Lin, Co-Founder of Klook. "This round of funding gives us additional resources to further strengthen our leading position in Asia while accelerating expansion into new markets and verticals."
"As demonstrated by its remarkable growth, Klook is a leading player in the Asian in-destination travel space and has a proven track record in cross-region business development," said Stephanie Hui, Head of Principal Investment Area at Goldman Sachs in Asia ex-Japan, "Our investment, together with the network and resources of Goldman Sachs, will help Klook further expand and provide services globally."
"In addition to global expansion, we plan to use the funding to accelerate the development of travel technology, which is really the core of the company. We are extremely excited at the potential of AI technology in reshaping a traveler's experience when researching and booking a trip," says Eric Gnock Fah, Co-founder and President of Klook. "One area we are pursuing is the application of machine learning to facilitate smarter search. By leveraging our large amount of data sets and millions of transactions, we look forward to enabling visual and vocal search to satisfy travelers' spontaneity with more precise and curated options."