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.”