SINGAPORE, 8 December 2023: Klook, a leading Asia-focused platform for travel services and experiences, has completed a USD210 million financing, supporting business growth and fortifying financial stability.
The equity round is led by Bessemer Venture Partners, with participation from BPEA EQT, Asia investment funds Atinum Investment and Golden Vision Capital, and corporate investment arms from Southeast Asia, including Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate and SMIC SG Holdings. The round also includes bank facilities from Citi, JP Morgan, and HSBC.
For many Asian markets, 2023 marks the first year of travel recovery, with a notable rebound in tourism figures and a gradual recovery in flight capacities. Despite this early stage in market recovery, Klook has demonstrated remarkable business success, surpassing previous milestones with a threefold increase compared to 2019 and boasting an annualised gross booking value of USD3 billion.
Notably, the company achieved overall profitability for the first time earlier this year.
“During the pandemic, we doubled down on our resources in merchant digitisation and the expansion of our supply network, including car rentals and outdoor experiences. This positions us strongly to capture new travel trends from the pandemic,” said Klook CEO and co-founder Ethan Lin.
The company’s success is further underscored by its increasing brand strength, strategically building on and leveraging its app-first approach to acquire and retain customers, with over 80% of bookings made through mobile today. Impressively, the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings, demonstrating the sustained customer loyalty fostered by the platform.
“With Asia in the early stages of post-Covid recovery, upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025, along with rising expenditures and digital adoption, the industry outlook in Asia is exceptionally positive,” added Lin.
New funds for three critical areas
- Product innovation, expanding its city pass offerings to enhance traveller convenience and savings.
- Scaling social and digital marketing through the Klook Kreator program, driving conversions with authentic, social, user-generated content.
- Advancing innovation through continuous AI integration. The recent collaboration with Google Cloud will integrate Generative AI across the platform, covering automated translations, content generation, and customer service chatbot.
