In the wake of the pandemic, travel technology firm Onda is setting its sights on a $15 million fundraising effort as it renews its expansion plans across Southeast Asia (SEA) and the Middle East and North Africa (MENA) regions. Founded in 2016, Onda has evolved from focusing on small to medium-sized accommodations to becoming a leading hospitality tech company with a comprehensive suite of Software as a Service (SaaS) solutions.
- 2016: Onda is founded, targeting vacation rentals and B&Bs.
- 2020: Gross merchandise value (GMV) hits US$56 million despite the pandemic.
- 2023: GMV soars to US$230 million, marking a 4x growth.
- 2022: Onda restarts international expansion with a US$10 million series B funding round.
| Year | Milestone | Funding | Expansion Focus |
|---|---|---|---|
| 2016 | Company founded, focusing on SMEs | N/A | South Korea |
| 2020 | GMV reaches US$56 million | N/A | Domestic focus due to the pandemic |
| 2022 | Series B funding round, US$10 million | US$21.2 million total raised | Expansion in Taiwan, SEA, MENA |
| 2023 | GMV increases to US$230 million | Aiming for $15M raise | Continued focus on SEA and MENA |
Onda’s innovative technology assists hotels in resolving room sales and operational challenges. This shift towards a more robust digital presence became a necessity during the pandemic, as COVID-19 restrictions forced many in the hospitality industry to operate with minimal staff. Despite these challenges, Onda experienced significant growth, particularly in its domestic market, South Korea.
The firm’s ambitious plans for international expansion are underpinned by its recent funding successes, including a $10 million series B funding round in December 2022. This funding has been pivotal in Onda’s investments and expansion efforts, notably in Taiwan with major hotel brands like the K Hotels Group.
With over $21.2 million in disclosed funding, Onda now manages distribution for over 700,000 properties across more than 50 online sales channels, servicing more than 4,500 properties worldwide with its SaaS solutions. The company’s CEO, Oh, notes the vast potential in the SEA and MENA regions, where many hotels still face challenges managing online sales amid a market resurgence.
- Focusing on SEA, particularly Thailand, and the MENA region for expansion.
- Partnering with Seed Group in MENA for market penetration.
- Leveraging mergers and acquisitions (M&A) and strategic partnerships for localization.
The travel tech sector, while facing its share of challenges, is witnessing a strong recovery post-pandemic. With significant increases in travel gross merchandise value (GMV) and major fundraises by other players in the industry, Onda’s strategic moves position it well to capitalize on the burgeoning demand for digital transformation in the global hotel market.
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Featured Image courtesy of Tech In Asia