TAIPEI (Taiwan News) – Taiwanese internet company, FunNow has the green light to further expand into Japan and Southeast Asia, after a successful series A funding round, netting the company an additional US$5 million (NT$145 million), the company said on August 13.
The additional capital will help the company to further expand into Bali, Bangkok, Hong Kong, Kuala Lumpur, Okinawa, Osaka, and Tokyo.
FunNow is a startup that provides an entertainment booking service, offering a range of activities including hotels, spa services, relaxation, restaurants, and nightlife. These events are often offered at a discounted price.
The website and app currently has 500,000 registered users, the majority of which are between the ages of 25 and 35.
The company has ties to over 3,000 vendors, offering more than 20,000 experiences.
The recent funding round had Accuvest Global Advisors, the Alibaba Entrepreneurs Fund, CDIB Captial, and Darwin Ventures come on as investors.
FunNow CEO, T.K. Chen told Tech Crunch that the company differentiates itself from competitors by focusing on local experiences and spontaneous consumers. Chen said that around 80 percent of instant bookings are for events that begin within 60 minutes.
Chen said that the company will focus on expanding the tourism market, noting strong demand for half or full day tours.