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News  16, Aug 2013

Luxury travel portal The Luxe Nomad secures next funding of US$698K

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The Luxe Nomad closes a US$698,000 next funding round led by Innosight Ventures, Zipan Enterprise Network and a silent partner.

Luxury travel site The Luxe Nomad’s (TheLuxeNomad.com) model-turn-entrepreneur CEO and founder, Stephanie Chai, announced the company’s first public funding at Echelon 2012. Just over a year later, the TheLuxeNomad has again closed another round of funding, this time with an amount of S$888,232 (around US$698,000). The latest round was led by Innosight Ventures, Japan’s Zipan Enterprise Network and a silent partner. Earlier investor, Tigris Capital, was not mentioned as a participant in this latest round.

In the press release, TheLuxeNomad.com estimates the Asian travel market to be worth around US$554 billion. The company offers flash sales and best available rates for luxury hotels, resorts and villas in some of the key tourist spots in the world. Stephanie leverages on her existing network of celebrities and known personalities to review partner hotels and destinations, helping TheLuxeNomad.com with its swift brand build-up.

Read Also: Luxury travel site The Luxe Nomad partners DestinAsian magazine

TheLuxeNomad.com also announced that it has achieved an average 34 percent growth on monthly revenue within the last ten months. The company has also tripled its inventory to over 200 partnership hotels and resorts across Asia-Pacific and Europe. The new round of funding will allow TheLuxeNomad.com to expand its team and hotel inventory across the region as well as invest in technology to make planning and booking holidays better.

In the press release, Stephanie said:

“Our growth, given the financial constraints we faced as a young startup, can be credited to our ability as a team to product innovative, win-win solutions to build our hotel listings and database. The result a year on is a successful, lean and cohesive business that has achieved strong earnings and that is still growing at a gaining momentum.”

CEO of Zipan Enteprise Network, Zen Yamamoto added:

“One of my recurring business goals has always been to try and bridge the gap between Japan and the rest of Asia. The innovative concept behind TheLuxeNomad.com is set to change the way the travel industry in Asia works. According to the ITB report for 2013, Japan is one of Asia’s strongest performers with double-digit growth rates for its outbound travel. This fact coupled with the increasing popularity of Japan as a destination for Asian travellers is why we believe our investment in TheLuxeNomad.com can play a pivotal role in inspiring travel between Japan and the rest of Asia.”

Some of TheLuxeNomad.com’s Celebrity Nomads includes Taiwanese actor Godfrey Gao, Singapore tastemaker and cultural entrepreneur, Tracy Phillips, and Hong Kong supermodel Jocelyn Luko.

Image Credits: Senatus

Joash Wee

Joash Wee

Joash is passionate about tech startups and building the technopreneur community. While completing his undergraduate business degree, he decided to take a programming class just for kicks. Fortunately for him, he managed to scrap a pass and it now helps him get by with the geek talk. When he is not discussing about startups or the latest technologies, you can find him reading off his Kindle or taking photos with silver halide salts, old school.

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