Klook raises the bar with $60 million raise, heads to Europe and North America

Klook, the Hong Kong-based tours and activities platform, has completed a Series C round worth nearly $60 million, claiming this is “the largest deal ever for an in-destination service booking platform”.

The business was formed in 2014 (see its tnooz start-up pitch here) and is now handling more than one million bookings a month. Most of its business comes from Asia, but it says that travelers based in 50 different countries have used the platform. Klook is available in seven different languages and accepts more than 30 currencies.

Its inventory stretches to some 30,000 products in 120 destinations and mobile accounts for more than 70% of its business.

Earlier this year it raised $30m in a Series B. It closed a $5 million Series A in October 2015.

The Series C announced today brings in Goldman Sachs as a new investor. Its Stephanie Hui noted Klook’s “proven track record in cross-region business development” and said Goldman’s “network and resources will help Klook further expand and provide services globally.”

Existing investors Sequoia and Matrix Partners also took part in the Series C.

The global expansion plans are clearly laid out, with a focus on increasing not only its supply in but demand from developed markets.

“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.”

It has also earmarked some of the cash to continue developing its technology, with an emphasis on the consumer. Eric Gnock Fah, cofounder and president, talked about the “potential of AI technology in reshaping a traveler’s experience when researching and booking a trip”

He added:

“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.”

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Martin Cowen

About the Writer :: Martin Cowen

Martin Cowen is contributing editor for tnooz and is based in the UK. Besides reporting and editing, he also oversees our sponsored content initiative and works directly with clients to produce articles and reports. For the past several years he has worked as a freelance writer, specialising in B2B distribution and technology. Before freelancing, from 2000-2008, he was launch editor for e-tid.com, the first online-only B2B daily news service for the UK travel sector.

 

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