Appy Hotel secures six-digit funding from Unlimited Capital at US$2M valuation
“Love at first sight,” says Mike Darnell, VP, Strategy, Appy Hotel to e27 about how they met Singaporean funders Unlimited CapitalBy Elaine Huang 02 Apr, 2014
Hong Kong- and Thailand-based app maker for hotels Appy Hotel today announced that it has secured a undisclosed amount of funding from Singaporean venture capital firm Unlimited Capital, which valued the startup at US$2 million. While Mike Darnell, Vice President, Strategy, Appy Hotel, declined to disclose the exact amount, he pointed out that it is a six-digit figure.
The two parties met when Appy Hotel was chosen to exhibit at Web Summit in Dublin, Ireland last year. Darnell told e27, “We had to go to Dublin to meet Singaporean investors. They saw us at Web Summit, and they invited us to dinner. … It was love at first sight.”
“We are already making revenue. We have not broken even yet,” added Darnell. The firm generates revenue via different pricing models for hoteliers to create and customise apps: free, US$39 per month, US$99 per month and US$199 per month.
The investment will be used to accelerate both, the development of the product and customer acquisition in Asia and Europe. In the next six months, Appy Hotel will look into expanding offerings to help hoteliers take care of their digital presence.
According to Unlimited Capital’s official website, its target investments are usually seed or early-stage companies at US$100,000 to US$500,000. It noted, “However, we are high(ly) flexible and are able to invest up to US$3 million in promising projects.”