Klook (company)

Last updated
Klook
Company type Private limited company
Industry Travel technology
FounderEthan Lin, Eric Gnock Fah [1]
Headquarters
Hong Kong
Area served
South East Asia

Klook is a travel company based in Hong Kong that serves the international market. [2]

History

Chief Executive Officer Ethan Lin and Chief Operations Officer Eric Gnock Fah founded the company in 2014. [3]

Klook raised US$30 million in a Series B fundraising led by Sequoia Capital to support the company's expansion into International markets. [3] [4]

Klook achieved unicorn status in 2018 following a US$200 million funding round that raised its valuation above US$1 billion. Previously, the company had raised a total of US$721.5 million over seven funding rounds. [5] [6]

In 2020, Klook shifted its focus from domestic markets towards domestic markets. The company moved away from traditional day tour products and introduced new services such as "staycations" that bundle hotel stays with additional experiences like restaurants, spa visits, or nearby attractions. Additionally, Klook expanded its mobility options, adding car rental services to its existing intercity train reservations, with a particular emphasis on markets in South Korea, Taiwan, and Australia. [3]

In December 2023, Klook secured US$210 million in a series E+ funding round. [7] The US venture capital firm Bessemer Venture Partners led the funding round. BPEA EQT, Atinum Investment, and Golden Vision Capital participated in the funding round. Citigroup, JPMorgan Chase, and HSBC provided additional banking facilities. [5]

Additionally, Klook expanded its mobility options, adding car rental services to its existing intercity train reservations, with a particular emphasis on markets in South Korea, Taiwan, and Australia. [2]

To support this transition, Klook raised around $720 million. This funding facilitated its transition to an all-purpose online travel agency that primarily caters to domestic travel. [2]

Klook has collaborated with Grab, a ride-hailing platform in Asia, to integrate its inventory into Grab's platform. This partnership allows Grab's to book activities through Klook. [2]

The company achieved cash flow positivity in mid-2023. [8] The company raised a further $210m in December 2023. HongShan contributed to the Series E+ funding round along with BPEA EQT and two other venture capital firms. [7]

The company received $210 in a series E+ funding round led by Bessemer Venture Partners. [9]

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References

  1. ↑ Wehbe Watson, Rana (2019-07-15). "Klook's Nomadic Cofounder Turns Wanderlust Into A $1 Billion Enterprise". Forbes . Retrieved 2024-06-20.
  2. 1 2 3 4 Brophy, Selene (2023-12-27). "Viator, GetYourGuide, and Klook Push for Day Tour Dominance: 2024 Outlook". Skift . Retrieved 2024-02-02.
  3. 1 2 3 Bien, Perez (2017-04-02). "Travel tech firm Klook to expand operations on back of US$30m funding round". South China Morning Post . Retrieved 2024-02-02.
  4. ↑ "Funding Snapshot: Asian Travel Booking Platform Klook Raises $30 Million Series B". Wall Street Journal . 2017-03-02. Retrieved 2024-06-20.
  5. 1 2 Shen, Xinmei (2023-12-07). "Hong Kong online travel unicorn Klook raises US$210 million in new funding after achieving first profit". South China Morning Post . Retrieved 2024-02-02.
  6. ↑ Rushi, Mercedes; Woodhouse, Alice (2019-04-22). "Online start-ups target $120bn travel activities market". Financial Times . Retrieved 2024-06-20.
  7. 1 2 Poh, Olivia (7 December 2023). "SoftBank-Backed Klook Snags $210 Million in Travel Bounceback". Bloomberg News . Retrieved 2023-12-07.
  8. ↑ "Klook and Krungsri Forge Pioneering Partnership to Elevate Thai Travel". Bangkok Post . 2024-01-11. Retrieved 2024-02-02.
  9. ↑ Wang, Catherine (2024-02-25). "With $900 Million In Total Funding, Klook Targets Asia's Travel-Obsessed Millennials And Gen Z". Forbes . Retrieved 2024-06-20.
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