Klook Raises $200 Million in Bid to Become a Superapp for Experiences

Klook, an online travel agency focused on experiences and attractions, has raised $200 million in funding. Aspex Management led the round, with existing investors, such as Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital, also taking part. The Hong Kong-based startup has now raised more than $720 million since its founding in 2014. A spokesperson didn't disclose the valuation this round placed on the company. Klook has been surviving thanks to domestic leisure spending and domestic tourism in select markets. "In many months in the second half of last year, in China, Taiwan, Singapore, and Hong Kong, we have seen domestic rebounds of anywhere between 70 percent to 80 percent of pre-Covid levels," said Eric Gnock Fah, chief operating officer and co-founder. Yet the true growth engine of international tourism has been all but shut down. The disruption affected Klook in several ways. Some of the extras it had been selling, such as SIM cards and Wi-Fi access for international travelers, have stopped. Many of its partnerships with airlines to reach customers have dried up, too. The pandemic has brought to a halt the once soaring growth in the tours and activities sector. Yet once the pandemic fades, the companies face many opportunities to shift offline bookings to online channels. When Airbnb went public late last year, it estimated the total "addressable market" for experiences in the markets it serves today was $239 billion. Yet visitors made only 17 percent of bookings online in 2019, either through the sites of online travel agencies or by booking directly, according to Arival. Many people want to tackle a trend driven by demographic shifts. A survey by