Chen Ming, co-founder and CEO of KKday.
KKday
Taipei-based KKday, which operates a travel super app, said on Thursday it had received about $70 million from investors to fund its expansion in Asia through acquisitions and investments in artificial intelligence.
The investment is a combination of equity and credit facilities, with participation from investors including government-backed fund Cool Japan Fund and the Taiwan National Development Fund, KKday said in a statement. Other investors include Changhua Bank Ventures, the investment arm of Taiwan's Changhua Bank, and local venture capital firm Darwin Ventures, whose portfolio companies include Ephod Technology, which made Forbes' Asia 100 watch list last year. KKday declined to disclose its valuation.
KKday said it will use the funds to conduct M&A transactions in Asia to increase its market share and invest in artificial intelligence. Ming Chen, co-founder and CEO of KKday, said in a statement: “This round of financing is a testament to our investors' belief in KKday's vision and our ability to revolutionize the travel experience for millions of travelers seeking new and unique experiences.
Its early investors include Alibaba Entrepreneurs Fund; MindWorks, an early backer of food delivery giant Lalamove owned by Hong Kong billionaire Stephen Chow; Line Ventures, the venture capital arm of Japanese messaging app player Line; TGVest Capital, a Taipei-based private equity firm whose investments include Appier, one of the first Taiwanese startups to achieve unicorn status.
Founded in 2014, KKday is one of Asia's go-to apps for travel and leisure, offering everything from flight and hotel bookings to attraction tickets and SIM card purchases. The company said in a statement that “monthly total merchandise volume hit an all-time high” due to a strong rebound in domestic and international travel demand.
KKday has been focused on expansion in Japan, where a weak yen helped drive a record 3.3 million international tourist arrivals in October, according to the Japan National Tourism Organization. The startup has partnered with Jalan, one of Japan's largest accommodation booking platforms, to allow its users to access nearly 10,000 hotels in the country. It has also partnered with Tabelog, a popular Japanese restaurant review platform, so users can make reservations at more than 42,000 restaurants.
KKday is competing head-on with Hong Kong unicorn Klook, which offers a similar travel super-app. In December, Klook said it had secured $210 million in funding led by Bessemer Venture Partners, with participation from billionaire Jean Salata's EQT Private Capital Asia and Atinum Investment, a backer of South Korean billionaire Seo Jung-jin's biopharmaceutical company Celltrion. participate.
