Asia’s most popular in-destination travel services platform launches global expansion to bring the world’s best experiences to traveller’s everywhere with a click or a swipe
Klook, Asia’s largest in-destination services booking platform, today announced $200 million in Series D financing from investors Sequoia China, TCV, Matrix Partners, Goldman Sachs, Boyu Capital, and an Asia-based sovereign wealth fund and family offices.
The new financing, bringing Klook’s total financing raised to date to $300 million, will help the company launch its popular in-destination travel services booking platform in the US and Europe, with its expanded offices in London and Amsterdam, and its future offices in the US.
Klook, founded in 2014 by Ethan Lin, Eric Gnock Fah and Bernie Xiong, is one of the world’s fastest-growing platforms for helping people everywhere book in-destination services, tours, activities and must-eats via desktop or mobile app. Launched first in Asia, Klook is estimating close to $1 billion in bookings in 2018 before officially launching into new markets like the US and Europe. Today, people from all over the world visiting travel hot spots in Asia, Europe and the United States can find many of the most popular attractions, food, activities or local transportation available for instant booking on Klook. The company is working to bring a similar experience to travellers across the US and Europe visiting major destinations around the world.
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“TCV seeks to invest in companies with exceptional management teams that drive technological innovation,” said David Yuan, General Partner at TCV. “Klook is at the forefront of transforming the travel industry and we’ve been impressed with the team and the company’s growth. We are excited to help them advance their global strategy and expansion.”
Today, Klook offers more than 50,000 activities and services offered by over 5,000 travel service operators at 200+ destinations worldwide to the millions of people who visit the Klook.com site or use the mobile app. Offering eight languages, 36 currencies, and 24/7 customer service, Klook is on its way to becoming the global marketplace for the world’s best in-destination travel experiences.
“Eric, Bernie and I founded Klook as a way to take the stress and guesswork out of what to do and see when you travel for extended vacations or a few hours of business downtime,” said Ethan Lin, CEO and co-founder of Klook. “When we started, we never could have envisioned what a major need this was in the market. We now receive more than 16 million online visits on the Klook web site or mobile app on a monthly basis. We’re excited to team with TCV and our existing investors to bring this same experience to traveller’s in the US and Europe.”
According to research, market size for travel activities will reach $183 billion globally by 2020, with less than 20 percent today coming from online or mobile booking. With mobile and online booking of flights and accommodations an expected part of the consumer travel experience, tours and activities are one of the fastest growing online segments.
“After personally experiencing the need for a platform like Klook, we spent a lot of time carefully building a user experience that would cater to the needs of travellers across ages, languages and cultures,” said Eric Gnock Fah, COO and co-founder of Klook. “With an easy-to-use website and mobile app, an ever-expanding but easily searchable inventory of experiences, and a frictionless process for our partners, we think traveller’s and service providers in the US and Europe will love Klook.”
“By leveraging their strength in digitally transforming their suppliers of tours and activities and tapping into the new generation of mobile-first traveller’s, Klook is emerging as the clear leader in the online tours and activities sector,” said Neil Shen, Founding and Managing Partner of Sequoia China. “We look forward to seeing Klook help more and more travellers connect to suppliers, and become a key source of inbound demand for Asia and beyond.”