Hong Kong-based activity-booking platform Klook recently announced that it has raised USD 200 million in Series D round from a clutch of investors including Sequoia China, Matrix Partners, Goldman Sachs, Boyu Capital, TCV and others.
In a statement, the company said that the investment would strengthen Klook’s position as a global player in the travel sector and accelerate its expansion in the US and Europe. The funds will also be used for product growth and technology innovation.
“This round of funding marks an important milestone for us. The funding and extensive experience from our new investors will let us further solidify our merchant portfolio and provide travellers with even more activities and destinations to explore around the world,” Klook co-founder and CEO Ethan Lin said.
Klook offers booking service for almost every activity ranging from scuba diving,and trekking to experiences like spa treatment across the world. It competes with HongKong-based Tink Labs, London-based Culture Trip and San Fransisco based IfOnly.
This is the e second round of funding received by the four-year-old company in less than a year which takes its total raised money to USD 300 million. In October last year, the venture had raised USD 60 million in Series C round. In comparison, while Culture Trip and IfOnly raised USD 80 million and USD 20 million, respectively this year, Tink Labs raised USD 160 million in 2016.
“Klook is at the forefront of transforming the travel industry and we’ve been impressed with the team and the company’s growth. We are excited to help them advance their global strategy and expansion,” said David Yuan, general partner at TCV.
Apart from adding the US and Europe-based curated activities and services to its platform, Klook will open an office in the US by the end of this year. It already has physical presence in London and Amsterdam and employs more than 600 people across its 16 offices worldwide. It claims to be on track to achieve its target of annual bookings worth USD 1 billion.. The company said it would focus on bringing more European and US travellers to Asia.
With its dedicated app for merchants, usage of QR codes and e-voucher redemptions, Klook provides tech solutions for travel operators that is recognised and adopted by its merchant partners. “By leveraging their strength in digitally transforming their suppliers of tours and activities and tapping into the new generation of mobile-first travelers, Klook is emerging as the clear leader in the online tours and activities sector,” said Neil Shen, founder and managing partner of Sequoia China.