Room booking platform FavStay has raised a US$2.88 million funding round led by upscale hotel chain Dusit International. The round also saw the participation of 500 Startups and several undisclosed investors.
News about the event came in the form of an announcement from the company’s co-founder Natavudh Moo Pungcharoenpong via his personal Facebook account on Wednesday.
Known as the Thai version of Airbnb, FavStay is a platform for users to list, find and book accommodations via its website and mobile application. In Thailand, it covers some of the top tourist destinations – Bangkok, Hua Hin, Khao Yai, Pattaya, Phuket and Samui.
The company currently has over 5,000 property listings and a growing presence in Laos and Vietnam. On top of that, FavStay also plans to expand its influences to other destinations in Southeast Asia which includes Indonesia, Malaysia and the Philippines.
Apart from booking accommodation, the platform also assists users in checking-in and housekeeping. Furthermore, it also serves as an electronic marketplace that manages listed properties for their owners.
“Ours is a hybrid model as we believe that providing a total solution cannot be done on a purely electronic platform. This model fits the culture in Asia,” said Suchada Taechotirote, the CEO of FavStay.
Previously known as Pompome before 2015, FavStay emerged from the merger between the two founders of Pompome and Ookbee – Pungcharoenpong and Suchada Taechotirote respectively – as they aim to enhance and upgrade the vacation service in Thailand to a new level.
“The strengths of FavStay is being a local service provider that truly understands the local market,” said Taechotirote.
FavStay has redefined a unique vacation experience that goes well with Thai people’s lifestyles – offering a great range of condominiums and villas in various designs and styles to choose from.
On the other hand, Dusit International is founded by Thanpuying Chanut Piyaoui in 1948. Headquartered in Bangkok, the hotel chain is available in 29 locations in China, Egypt, Kenya, Maldives, the Philippines, Thailand, United Arab Emirates, and the United States. It operates four brands which are Dusit Thani, Dusit D2, Dusit Princess and Dusit Devarana.
By Vivian Foo, VCNewsNetwork
This news is published on Reuters.