Canola is celebrating its self-appointed “unicorn” repute after securing a $one hundred eighty 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 primary time that Booking Holdings has invested at once in South Korea. The cut-up inside the investment coming thru the Booking.Com owner became no longer disclosed.
Canola was created in 2005 and had a fairly unique proposition compared to its contemporaries in many other markets in Asia.
Alongside its reserving carrier for accommodation in South Korea, it also runs a series of two hundred houses inside us underneath its own 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 to be had on Agoda, Booking.Com’s sister on-line travel corporation for Asia.
Ingo back, Canola will host stock from Agoda and Booking.Com on its personal service.
The Seoul-primarily based corporation has funding aspirations of its very own, illustrated in 2018 whilst placed $15 million into Zen Rooms.
It claims to be processing $a hundred million in transactions on a month-to-month basis and has, to this point, handled 20 million bookings. Canola says it took in $85 million in revenue at some stage in 2017.
Booking Holdings is no stranger to hedging its bets in investments around the vicinity, following its ongoing backing of Ctrip (starting in 2014 with a $500 million spherical) and, greater currently, Meituan, wherein it turned into a part of a $4 billion Series C round.
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