South Korean Hospitality Tech Firm Onda Raises $10 Million – Skift Travel News

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Peden Doma Bhutia, Skift
Today at 5:38 AM EST
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.
Peden Doma Bhutia, Skift
Today at 5:38 AM EST
Tags: asia, gds, hospitality, hotel technology, property management system
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