A marriage between Venture Capitals and Conglomerate Groups: Indonesia’s Travelio nabs PreSeries A funding
In this era of ‘E-conomy,’ we see many of the countries’ wealthiest jumping into the digital bandwagon, allocating millions to local and international tech startups. These conventional companies usually come into the scene as investors, whether it be in the form of LPs, Venture Capital, Angel investing, creating its own tech subsidiary or acquisition.
However this is not the case for Indonesian homegrown online accommodation site, Travelio, cofounded by Hendry Rusli, Christina Suriadjaja, Furia Agustinus and Christie Tjong, who raised initial funding last year originally established as a supporting subsidiary to the listed Indonesian construction and property firm PT Surya Semesta Internusa Tbk. Travelio took a turn from the traditional investment move by conventional companies and opened up financing to external investors, more so international venture capitals.
Today it raised US$millions for its Pre-Series A funding led by Shanghai based Venture Capital, Gobi Partners. Aside from Singapore venture capital, Anthill Ventures, new investors joining the round include a senior executive from property conglomerate Kuok Group; and China-based angel investors Zhenzhen Sun, Partner of Proxima Ventures and Tian Gu, CEO of Travel+Leisure Magazine.
“As integration narrows the gap between digital and real economies, companies like Travelio will be able to discover new ways to provide value to both businesses and consumers. As such, we are excited to bring on both hospitality experts and venture capital firms as our partners to help us take our business to the next level.” said Christina Suriadjaja.
“Having a leading venture capital firm, like Gobi partners, in our round plays a big role in helping us scale our business to achieve sustainable growth as they work closely with the team and have had successful track records, especially in travel. Backing from hospitality magnates with brand relations such as Shangri-La, Banyan Tree and Melia gives us a head start in terms of network, supply and solid standard operating procedures and best practices of the hospitality industry.” said Hendry Rusli.
As of August 2016, the online short-term home rental site currently holds 12,000 quality accommodation options across the Asia Pacific region. Travelio offers a wide range of accommodations, from apartments and villas, to houses and hostels. This round of financing will be primarily used to expand the company’s presence in the Indonesian market, increase accommodation inventories across all destination markets, and attract more users to the platform. Travelio also plans to bring on additional team members to make this possible, with an emphasis on technology and product experts. In the future, the company plans to expand its offerings to cover additional country markets as well.
“Travelio offers a unique combination of Priceline-like negotiation model with Tujia-style nontraditional hotel accommodations. We believe that it’s business model captures the confluence of two disruptive trends, gamification when engaging consumers and supply-side sharing economy, where short-term rental turns apartments into hotels.” said Kay Mok Ku, Partner, Gobi Partners.