Hong Kong online travel unicorn Klook raises US$210 million in new funding after achieving first profit

Klook, a Hong Kong-based online travel booking start-up, has raised new capital and turned profitable for the first time, amid a surge in post-pandemic international travel. The company announced on Thursday that it secured US$210 million in a new series E+ funding round. This round was spearheaded by US venture capital firm Bessemer Venture Partners and was joined by Asian funds including BPEA EQT, Atinum Investment and Golden Vision Capital, as well as banking facilities from Citigroup, JPMorgan Chase and HSBC.

Klook was established in Hong Kong in 2014 and achieved unicorn status in 2018 after a US$200 million funding round that elevated its valuation above US$1 billion. Prior to this, the firm had raised US$721. 5 million in seven funding rounds that included prominent backers such as SoftBank and Sequoia Capital China, which was renamed HongShan earlier this year, according to data from Crunchbase.

The online travel agency, which enables users to book local tours, restaurants, hotels and transport globally, also announced it reached profitability for the first time earlier this year. The company reported an annualised gross booking value of US$3 billion in 2023 – a threefold increase from 2019 – and acquired twice as many new customers as four years ago. Repeat customers constituted over half of the bookings this year. During the pandemic, the company increased its resources in merchant digitisation and the expansion of its supply network, including car rentals and outdoor experiences, said CEO and co-founder Ethan Lin. This strategic move positions the company strongly to capture new travel trends emerging post-pandemic.