Room booking platform Favstay has raised a US$2.88 million funding, the company’s co-founder Natavudh “Moo” Pungcharoenpong announced on his personal Facebook account on Wednesday.
Upscale hotel chain Dusit International, 500 Startups, and several undisclosed strategic investors have participated in the funding round.
Favstay itself was mentioned in 500 Tuktuks’ third batch of investment in January.
In an e-mail to e27, Pungcharoenpong wrote that the company plans to use the new funding to “continue adding products and increase gegographic presence in ASEAN countries.”
“Dusit is valuable and important investor for Favstay. Both companies will regularly explore any opportunity of operation in the future,” he commented.
Formerly known as Pompome, Favstay was co-founded by Pungcharoenpong and Suchada Taechotirote. Taechotirote got the idea to build the platform when she was on holiday in Huahin and realised the opportunity for holiday home owners to rent out their places.
Apart from Favstay, Pungcharoenpong himself is also known as co-founder of e-book platform Ookbee and a venture partner at 500 Startups.
Favstay stands out as it does not only offer features to book rooms in Thailand’s top holiday destinations, it also assists users in checking-in and houskeeping. It currently has over 5,000 units with a growing presence in Laos and Vietnam.
Though the startup is often being compared to Airbnb, Pungcharoenpong stressed that the two companies have “very little similiarity.”
“Favstay is an active platform while Airbnb is passive; Favstay works hard to promote accommodation it has, Favstay is present on the ground to be close to help owners and guests. It is not logical to assume that every country has the same nature in doing business and has same culture. The logic is to develop services differently, tailored for every market,” the founder explained.
“Favstay is born in Asia, understand and adjust its model to fit to Asian culture and the need for services for both owners and guests,” he added.
Dusit International itself was founded by Thanpuying Chanut Piyaoui in 1948. Headquartered in Bangkok, the hotel chain is available in 29 locations in China, Egypt, Kenya, Maldives, the Philippines, Thailand, United Arab Emirates, and the US.
Image Credit: hinnamsaisuy / 123RF Stock Photo
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