South Korean hospitality tech startup raises $10M – PhocusWire

South Korean hospitality tech company Onda has raised about $10 million as it closed its Series B funding, bringing its total investments to $25.5 million. 

The new funding came from a consortium of mostly South Korea-based companies, backed by TS Investment, NAU IB Capital, Industrial Bank of Korea, Square Ventures, K Bridge Ventures and Breeze Investment.

Established in 2016, Onda is a B2B SaaS company serving the hospitality sector. It provides an integrated sales platform that covers 60-70% of South Korea’s online market for hotel and other vacation rentals. The company just launched its new property management system, Dive.

With this Series B funding, Onda seeks to accelerate efforts on the digital transformation of the South Korean hospitality industry and develop a system to attract inbound travel. Onda is also gearing up for an overseas expansion, with plans to provide a variety of solutions to assist outbound Korean tourists in finding hotels.
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“We’re grateful for the continued recognition of Onda’s potential by our investors,” says Hyun-seok Oh, CEO of Onda.

“We plan to support the growth of Korea’s tourism industry in this post-(COVID-19) stage, both domestically and abroad.”

TS Investment, which led the most recent funding round, says in a statement its decision was based on the capability of Onda’s CEO and leadership team: “We confirmed on the ground that the (South Korean) domestic tourism industry was rebounding,” the company says, adding, “We believe in their capacity and drive for growth.”

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