Hotel booking app HotelQuickly has raised a series A round of HKD$9 million (about $1.16 million USD). Investors include Boon Hwee Koh, the former chairman of Singtel and Singapore Airlines. The startup says it will use the funding for product development and to expand further through the Asia Pacific region, where it currently operates in 11 countries.
Headquartered in Hong Kong, HotelQuickly’s founding team includes two ex-Rocket Internet executives. Like Rocket Internet’s business strategy, HotelQuickly takes an existing model and replicates it in a new market. In this case, the last-minute hotel booking app is modeled after San Francisco-based HotelTonight.
Though the two previously operated in different markets, HotelQuickly will face increased competition as HotelTonight, which has raised a total of $36 million since its launch in 2010, expands globally. HotelTonight said that it will use its recent Series D funding of $45 million to expand into markets including Asia (one of its latest investors is GGV Capital, which specializes in U.S. and Asian companies). The two companies will not only compete with each other in the region, but also CheckInTonight and Hot Hotels.
via TechCrunch » Startups http://feedproxy.google.com/~r/techcrunch/startups/~3/37vyvhq0hqk/
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