- Techzi
- Posts
- Travel Platform Klook Banks $210M Amid Industry Rebound
Travel Platform Klook Banks $210M Amid Industry Rebound
Funding to fuel product innovation and marketing as demand resurges.
Khazik Yaqoob
December 13, 2023
• Travel platform Klook raised $210M amid a COVID rebound, achieving first-time profitability with 3x growth.
• Klook hit $3B bookings on strong consumer demand for experiences like tours and activities.
• The funding cements Klook's market share gains though economic uncertainty looms.
$210M Investment
Hong Kong-based travel experiences platform Klook has raised $210 million in fresh funding, announcing it turned profitable for the first time this year as the tourism industry bounces back post-pandemic.
The Series F round was led by Bessemer Venture Partners, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, and other investors.
Klook Hits $3 Billion in Travel Bookings
Klook said it hit $3 billion in annualized gross bookings value in 2023, a milestone fueled by 3x top-line growth over 2019.
"During the pandemic, we doubled down on merchant digitization and supply network expansion," said CEO Ethan Lin.
The company will channel new funding into product innovation, marketing, and AI capabilities.
Looking into AI
A partnership with Google Cloud aims to integrate generative AI for functions like automated translation and customer service chatbots.
The capital infusion comes as travel demand roars back globally. Klook's bookings for rental cars, outdoor experiences, tours, and activities point to shifting consumer preferences.
But analysts warn macroeconomic clouds on the horizon could dampen the industry rebound. The fresh funding seems aimed at cementing market share gains for Klook.
Klook last raised $200 million in early 2021, led by Aspex Management. With consumers flocking to experiences again, the firm appears to be capitalizing on a sector revival.
Reply