Hong Kong-based tech startup Flow announces its expansion goals for Southeast Asia, upon successfully securing over US$1 million in a Series Pre-A funding round, which will further accelerate its growth objectives for new markets.
Hong Kong’s curated marketplace for timeslot hotels and workspaces, Flow, announced its initial procurement of more than US$1 million in series Pre-A investments. The funding round was led by family office Millard Partners, alongside other investors, HCL Capital, Gabriel Fong, the former Chairman of GOGOX, and Tim Wong, the former Chairman of Man Group Asia.
Funds raised will be utilised to aid its market expansion into Southeast Asia, namely Bangkok and Jakarta, aiming to improve strategic market objectives and goals, existing penetration rates, and the development of new products and services to provide enriching hotels and travel experiences across the region.
Established in 2018, the Hong Kong-based tech startup offers highly flexible timeslot booking services for hotels and spaces, with a vision to mature into an unabridged leisure booking platform for travellers, as well as local visitors. It currently operates in Hong Kong, Singapore, Kuala Lumpur, Ho Chi Minh City, and Macau, in partnership with over 500 hotel groups, including some renowned names such as InterContinental Hotel Groups, Accor Hotels, as well as Regal Hotels International, covering up to 35% of all the 3 to 5-star hotels in those regions.
Flow has performed relatively well in the past year, despite setbacks brought on by the pandemic, doubling its gross merchandise value (GMV), reflecting the escalating demand for local leisure platforms for those facing travel restrictions. Its services were especially popular among customers looking for a suitable daycation app. Understanding market trends, the platform deems its expansion plans essential to providing more comprehensive and flexible leisure and accommodation experiences for regional consumers.
Eric Lai, the Co-founder and Director of Operations stated, “Traditional travel and booking options such as offline travel operators and 4D3N travel tours are no longer able to fulfil the needs of this group of customers. It is crucial for hotel and travel operators to adjust their service offerings with digitized systems and flexible options in order to cater to the local consumers’ demand and thrive after the pandemic. ”
Forecasting tremendous growth opportunities in the travel and hotel industry in the post-pandemic era, Flow anticipates expanding its business recruitment, from marketing to IT talents, which will further accelerate its expansion and growth in terms of operations in those targeted markets across Southeast Asia.
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