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South Korea: Seoul-based accommodation reservation platform STAYFOLIO has raised five billion won [approximately $4.5 million] in Series A funding to accelerate its expansion plans.
The investment round was led TBT Partners and Quad.
‘Fine stay’ platform STAYFOLIO, which operates with the motto of “Curate the space where staying itself is travel”, curates accommodations with ‘unique values and personality’, providing a range of vacation rentals and boutique hotel rooms.
Founded in 2015, STAYFOLIO is planning to use the additional financing to grow its existing portfolio of 200 properties in South Korea and expand into other major Asian markets in due course.
In 2020, the company reportedly experienced 300 per cent growth in revenue despite the pandemic, and claims to be attracting 8,000 bookings each month in 2021 so far.
To accelerate growth, STAYFOLIO has collaborated with celebrities and influencers to promote the company’s properties and strengthen its online presence for a wider audience.
CEO Benny Lee said: “We wanted to challenge the norm. A great deal of time is spent on travel and we believe that for this investment, travellers deserve to utilise their entire trip, not just their day-time activities.”
