Singapore-based budget-hotel app RedDoorz has announced US$70 million in new funding.
The Series C financing comes less than five months after RedDoorz closed its $45 million Series B. To date, the startup has raised $140 million, reflecting the dramatic expansion of the Southeast Asian micro-budget hotel market.
The company's main competition is Oyo, which recently invested $50 million into its Vietnam expansion as well as a further $150 million into Southeast Asia more generally.
RedDoorz said it will use the new funds to launch in new markets in Southeast Asia, where it currently has operations in only four out of the ten markets in the region. Namely, Indonesia, the Philippines, Singapore, and Vietnam. As of December 2018, 13,600 of RedDoorz's 17,000 rooms were in Indonesia.
"RedDoorz operates in some of the most dynamic markets in the world and we see tremendous opportunities to continue growing our platform and expanding into new markets," said RedDoorz founder and CEO Amit Saberwal.
"We believe we are on the right track to create the next tech unicorn in Southeast Asia and with the backing of our new investors, who bring deep expertise building large successful tech and digital businesses in our region, we are well-positioned to fully execute on our strategy and mission."