Trump Hotels' Indonesian Partner Invests in Budget Hotel Startup RedDoorz
Skift Take
RedDoorz' latest funding round includes two interesting new investors, Qiming and MNC Group, and it says a lot about the potential of budget accommodation in Southeast Asia, which is also being pursued by Oyo.
Next to Oyo, RedDoorz looks pretty docile. But its latest funding raise of $45 million shows it's standing up to the 800-pound gorilla of the budget accommodation market that's pounding its chest throughout its Southeast Asian turf with deeper pockets.
The Series B round is led by Chinese venture capital firm Qiming Venture Partners, which has offices in China and the U.S. It counts companies such as Meituan-Dianping and Mafengwo among the entrepreneurial enterprises it has backed since founding in 2006.
Qiming is joined by another new RedDoorz investor, MNC Group, whose founder, Indonesian tycoon Hary Tanoesoedibjo, is a business partner of Donald Trump on two Indonesia projects. One is the Trump International Hotel & Tower in Bali, a conversion of the former Pan Pacific Nirwana Bali Resort, which MNC acquired in 2013, and the other an integrated development with a theme park, resort, hotel, and golf course in Lido, Sukabumi, West Java.
For Qiming, the investment in RedDoorz appears the first time it has ventured outside China in a Southeast Asian company, it and comes
