Kuala Lumpur-based student accommodation platform HostelHunting announced today that it has raised an undisclosed Series A funding round.
Accord Ventures, Hoop Partners, Startia, and existing investor KK Fund are participating in the latest funding round for HostelHunting.
The funding round follows up its US$500,000 seed funding round from KK Fund, Incubate Fund, and Cradle Fund’s CIP500 programme in December 2015.
The startup stated that it plans to use the new funding to push for “growth, people, infrastructure & technology.”
“We will be aggressively growing in all our current markets in terms of rooms and bookings. For this we will need to put the right people in the right places,” explained HostelHunting Co-Founder Weng Leong Loke in an e-mail to e27.
“We are also growing our regional team to ensure that all countries are supported. We are also developing new features and functions for our landlords and owners to enhance their offerings,” he added.
HostelHunting was founded by Weng and Wen Khai Keek in 2015.
In late 2016, the startup began its expansion to Thailand, followed by Singapore.
“One of the key challenges that we needed to overcome was to understand the students’ needs in different areas. We are now proud to be able to identify them quickly and provide the best fit,” said Wen Khai Keek in a press statement.
He also explained the differences between the two markets.
“Thailand’s potential is huge. The traditional way to find a room is difficult for all parties. We are investing in educating the students and owners and the results are showing. Our listings in Bangkok & Greater Bangkok have grown exponentially,” the CEO said.
“Singapore is very different from the rest of Southeast Asia. It is a relatively small country with a huge international student population. Accommodation services are professionally run so the expectations on us are just as high. We work closely with all our stakeholders to ensure we meet all their requirements,” he added.
For the year 2017, HostelHunting wants to continue of working to fulfill its mission to provide “the best student living experience” for its users.
“We want to be defined by our four brand pillars: Proving the best match between the student and the landlord; understanding the neighbourhoods we operate it; understanding and engaging with the students; and a dedication to building a community across the entire landscape [of] students, landlords, and universities,” Weng said.
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