Hotel Budget Brand RedDoorz Captures Another $70 Million in Funding
Photo Credit: RedDoorz app. RedDoorz
Skift Take
The super-budget accommodation sector in Southeast Asia has so much potential. That’s old news. What’s new is super investors have finally warmed up to the idea and are backing RedDoorz in the face of Oyo’s entry into the region.
Southeast Asia’s budget hotel brand RedDoorz is on a roll, announcing $70 million in new funding when the ink is barely dry on the $45 million it sealed last month.
This new investment is the first close of a larger Series C round and is led by Asia Partners with participation from new investors Rakuten Capital and Mirae Asset-Naver Asia Growth Fund.
The two latest investments totaling $115 million will put RedDoorz on a more even keel to compete with heavily-funded juggernaut Oyo, which is investing $200 million in Southeast Asia, of which $100 million is in Indonesia, RedDoorz’s largest market, and $50 million in Vietnam.
RedDoorz said it will use the new funds to launch in new markets in Southeast Asia, where it currently operates only in four of the 10 ma
