Klook Raises US$210 Million, Aims to Reinforce AI Integrationby Fintech News Hong Kong December 11, 2023
Travel and leisure booking platform Klook has closed a US$210 million (HK$1.6 billion) financing round. This capital injection will support product development, particularly in expanding city pass options, and bolster marketing initiatives via the Klook Kreator programme.
In partnership with Google Cloud, Klook plans to integrate AI technology to enhance customer interaction and content creation. The investment aims to consolidate Klook’s presence in the rapidly evolving Southeast Asian market, targeting the region’s growing middle-class demographics.
Leading this round was Bessemer Venture Partners, with significant contributions from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate, SMIC SG Holdings, and co-investments from Citi, JP Morgan, and HSBC.
The company reports a substantial rise in new customers in 2023, with a current annualised gross booking value of US$3 billion (HK$23.4 billion).
Ethan Lin, CEO and Co-Founder, remarks on the company’s recent strides:
“Focusing on merchant digitalisation and expanding our offerings has strategically positioned us for capturing emerging travel trends. With significant revenue and profit growth this year, we’re primed for sustained expansion in the burgeoning Asian travel market.”
“Leveraging strong business fundamentals that led to significant growth in revenue and profit this year, including a threefold increase in productivity (revenue per headcount), we are set for a new phase of sustainable expansion. With Asia in the early stages of post-COVID recovery, upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025, along with rising expenditures and digital adoption, the industry outlook in Asia is exceptionally positive,”