SoftBank Ventures Asia led $9 M oversubscribed Series B funding raised by ZUZU Hospitality
ZUZU Hospitality Solutions Pte. Ltd., a Singapore-based provider of revenue platforms for independent hotels, announced the completion of a $9 million Series B round that was oversubscribed and was headed by SoftBank Ventures Asia.
Atinum Partners joined existing investors Wooshin Venture Investment, Visor Ventures, and JG Digital Equity Ventures in the round, according to a statement from ZUZU Hospitality.
The travel technology startup hopes to reach an impressive milestone of 5000 partners by the end of 2024 by doubling the number of hotels it partners with throughout the region, with a particular emphasis on India, thanks to this round of funding.
In order to enhance pricing, automate guest management, and enhance partner experience, the company also plans to strategically invest in AI tools.
These developments will revolutionize the way independent hotels run in the competitive market of today and improve ZUZU Hospitality’s offerings.
“The round’s oversubscription reflects the strong confidence our investors have in our vision and capabilities,
“This substantial financial boost will enable us to innovate our offerings further, accelerate our growth trajectory and support more independent hotels in increasing their revenue,” said ZUZU Hospitality Founder and Chief Executive Officer Vikram Malhi.
The statement claims that by 2025, the Southeast Asian online travel market will have grown significantly since before COVID, reaching an estimated value of $44 billion.
This demonstrates that the online travel sector is on a trajectory to recover from the pandemic, and ZUZU Hospitality’s acquisition of this funding couldn’t happen at a better time given that the travel technology is ready to take advantage of opportunities that arise from the upswing.
According to the statement, a difficult macroeconomic environment has caused a global slowdown in startup funding, including in Southeast Asia.
This most recent investment demonstrates investors’ faith in ZUZU Hospitality’s distinct value proposition and firm financial foundations.
The company’s ability to not only survive but thrive through the pandemic that brought the entire travel industry to a standstill was the other crucial factor in the funding decision.
