South Korean hospitality tech firm Onda, introduced on Thursday that it has raised $10 million in its Sequence-B funding spherical.
Led by South Korea-based non-public fairness agency TS Funding, the traders on this spherical included Industrial Financial institution of Korea in addition to different South Korean funding corporations like NAU IB Capital, Sq. Ventures, Okay Bridge Ventures, and Breeze Funding.
We confirmed on the bottom that the home tourism business was rebounding, and made our choice to put money into Onda, mentioned TS Funding in a press release.
Specializing in on-line reserving answer, international distribution system and property administration, Onda has up to now raised a complete of $25.5 million.
In its pre-series B funding spherical, the corporate had raised $8 million.
With the Sequence B funding, Onda plans to speed up its efforts on the digital transformation of the home hospitality business, and develop a system to draw inbound journey, the corporate mentioned in a press release.
The corporate just lately launched Dive — a lodge property administration system that it had been growing for the previous two years.
Onda is now gearing up for its abroad enlargement with a launch within the Southeast Asian lodge market. “Onda plans to offer a wide range of options to help outbound Korean vacationers discovering native accommodations,” the corporate mentioned.
“We plan to assist the expansion of Korea’s tourism business on this post-Covid stage, each domestically and overseas,” Hyun-seok Oh, CEO of Onda mentioned.
In its final earnings report, Onda had reported a gross merchandise worth of $81 million within the first half of 2022, in comparison with $40.5 million within the first half of 2021.
The corporate has additionally mentioned that it plans to straight function residences and accommodations, after profitable trial operations in 2021.