Canola is celebrating its self-appointed “unicorn” repute after securing a $ 80 million investment deal from Booking Holdings and GIC. The South Korea-primarily based booking internet site has now secured $242 million in funding after landing the trendy Series D spherical.
It is the first time that Booking Holdings has invested simultaneously in South Korea. The cut-up inside the investment from the Booking.com owner was no longer disclosed.
Canola was created in 2005 and has a fairly unique proposition compared to its contemporaries in many other Asian markets.
Alongside its reserving service for accommodation in South Korea, it also runs a series of two hundred houses inside the US under its brand.
It also provides a software program for asset owners that use the platform for 0.33-party distribution.
Distribution goals for Booking Holdings
Part of the funding from Booking Holdings will consist of a manner inventory deal with Yanolja’s properties, made available on Agoda, Booking.Com’s sister online travel corporation for Asia.
Ingo back, Canola will host stock from Agoda and Booking.com on its service.
The Seoul-primSeoul-based on had funding aspirations of its outdated in 2018 when it placed $15investedon into Zen Rin.
It claims to process $100 million in transactions monthly and has handled 20 million bookings to this point. Canola says it took in $85 million in revenue at some point in 2017.
Booking Holdings is no stranger to hedging its bets in investments around the area, following its ongoing backing of Ctrip (starting in 2014 with a $500 million round) and, more recently, Meituan, wherein it participated in a $4 billion Series C round.
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