SoftBank-backed Klook secures $210 million in funding amid travel rebound

Klook Travel Technologies, backed by SoftBank Group Corporation, announced on Thursday that it secured $210 million in a funding round as the travel booking service provider aims to expand its reach in the wake of the COVID-19 pandemic.

Bessemer Venture Partners led the equity round, disclosed Klook, which achieved profitability for the first time this year and also attained positive cash flow. 

Private-equity firm BPEA EQT and SMIC SG Holdings also participated during the funding round, according to the Hong Kong-based startup.

"With Asia in the early stages of post-COVID recovery, upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025, along with rising expenditures and digital adoption, the industry outlook in Asia is exceptionally positive," said Klook CEO and co-founder Ethan Lin.

The funds raised will be directed towards three key growth areas, which include product innovation, enhancing social and digital marketing, and integrating artificial intelligence (AI).

Founded in 2014, Klook offers diverse booking services to travelers worldwide, competing with other experience booking service providers such as TripAdvisor and Airbnb.