South Korean hospitality tech company Onda, announced on Thursday that it has raised $10 million in its Series-B funding round.
Led by South Korea-based private equity firm TS Investment, the investors in this round included Industrial Bank of Korea as well as other South Korean investment companies like NAU IB Capital, Square Ventures, K Bridge Ventures, and Breeze Investment.
We confirmed on the ground that the domestic tourism industry was rebounding, and made our decision to invest in Onda, said TS Investment in a statement.
Specializing in online booking solution, global distribution system and property management, Onda has so far raised a total of $25.5 million.
In its pre-series B funding round, the company had raised $8 million.
With the Series B funding, Onda plans to accelerate its efforts on the digital transformation of the domestic hospitality industry, and develop a system to attract inbound travel, the company said in a statement.
The company recently launched Dive — a hotel property management system that it had been developing for the past two years.
Onda is now gearing up for its overseas expansion with a launch in the Southeast Asian hotel market. “Onda plans to provide a variety of solutions to assist outbound Korean tourists finding local hotels,” the company said.
“We plan to support the growth of Korea’s tourism industry in this post-Covid stage, both domestically and abroad,” Hyun-seok Oh, CEO of Onda said.
In its last earnings report, Onda had reported a gross merchandise value of $81 million in the first half of 2022, compared to $40.5 million in the first half of 2021.
The company has also said that it plans to directly operate residences and hotels, after successful trial operations in 2021.