SINGAPORE: Online tour-booking platform BeMyGuest on Thursday (Jul 13) announced a total equity funding of S$11.5 million at the close of its Series A round of funding, with Raffles Venture Partners, travel agency Chan Brothers Group, as well as the investment arm of government agency SPRING Singapore coming on board.
Technology investor Koh Boon Hwee, as well as travel industry investors Meng Xiong Kuok and Leland Kwee also took part in the round, BeMyGuest said in its media release.
The Singapore start-up earlier gained seed funding as the inaugural winner of Channel NewsAsia's reality TV series Start-UP in 2014. Series A funding is typically the first step for a start-up to showcase a sustainable business model to attract investors from traditional venture capital firms.
The online platform aggregates tour and travel activities in Asia and connects industry players in markets across China, Korea, Japan, Indonesia, Vietnam and India.
Yap Ning Jee from Raffles Ventures Partners commended the start-up's "upfront commitment to build a solid scalable digital platform" that can allow consumers to find travel deals online quickly.
Tech investor Mr Koh commended BeMyGuest for "successfully becoming the largest aggregator of Asian attractions".
"This Series A is an affirmation of our vision and validation of our business model," BeMyGuest CEO and founder Clement Wong said in the company's media release.
The company added that it was on track to reach the target of S$100 million (US$72 million) in sales through existing and new partnerships with B2C (business-to-consumer) travel companies.