South Korean hospitality tech company Onda raised nearly $10 million when it closed its Series B funding, bringing its total investment to $25.5 million.
The new funding comes from a consortium of companies primarily based in South Korea, backed by TS Investments, NAU IB Capital, Korea Development Bank, Square Ventures, K Bridge Ventures and Breeze Investments.
Founded in 2016, Onda is a B2B SaaS company serving the hospitality sector. It offers an integrated sales platform that covers 60-70% of his online market for hotels and other vacation rentals in South Korea. The company recently released a new property management system, Dive.
With this Series B funding, Onda will accelerate its efforts to digitally transform the Korean hospitality industry and develop a system to attract inbound travel. Onda is also preparing to expand overseas and will provide various solutions to help Korean outbound tourists find hotels.
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Hyun-seok Oh, CEO of Onda, said:
“We plan to support the growth of the Korean tourism industry at home and abroad during this post (COVID-19) stage.”
TS Investment, which led the recent funding round, said in a statement that its decision was based on the competence of Onda’s CEO and leadership team. “We believe in their ability and drive to grow.”