Hostel Hunting closes Series A funding to gear up for Asia Expansion

Thu Jun 8, 2017 - 7:13am UTC
Hostel Hunting closes Series A funding to gear up for Asia Expansion

Student hostel finder HostelHunting has recently raised an undisclosed Series A round from Tokyo-based Accord Ventures, real estate-focused Hoop Partners Startia, and existing investor KK Fund.

The latest funding round comes after its previous US$500,000 seed investment back in December 2015 which was participated by Singapore’s KK Fund, Japan’s Incubate Fund, and Malaysia’s Cradle Fund.

The startup said that it plans to use the proceeds from the round for product development and recruitment plans.

“We will be aggressively growing in all our current markets in terms of rooms and bookings. For this, we will need to put the right people in the right places,” explained HostelHunting co-founder Weng Leong Loke.

“We are also growing our regional team to ensure that all countries are supported, in addition to developing new features and functions for our landlords and owners to enhance their offerings,” he added.

Founded by Weng Leong Loke and Wen Khai Keek in 2015, the Malaysian startup helps students locate nearby rental properties close to their university campus.

Students can use the website to filter through verified property listings by area or institution and communicate directly with potential landlords through its messaging features. HostelHunting then takes a service fee for every successful booking.

The platform is also currently operating in Singapore and Thailand and in 2017, it will continue to work to fulfill its mission to provide the best student living experience for its users.

The startup will work towards four brand pillars, that is to proving to be the best match between the student and the landlord; understanding the neighborhoods they operate in; understanding and engaging with the students; and a dedication to building a community across the entire landscape of students, landlords, and universities.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.

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