Taipei-based tours company KKday has announced that it has raised US$20 million (NT$598.5 million) for a Series C+ funding round led by TGVest capital, which focuses on investing in Taiwan and Japan, and connecting the two markets.
This means the total C round funding raised is US$95 million. KKday will use the new funding to keep expanding in the global market and help the tourism industry achieve a digital transformation with its SaaS booking product, Rezio.
KKday said it aims to open over 300 positions including software engineering, marketing, business development, operations, and global marketing strategy. KKday added that it expected to have over 1,000 employees in 2023.
Since March 2020, KKday has been promoting Rezio in the Asia market. Rezio is a SaaS solution for merchants to manage bookings and inventory.
In June 2021, it gained customers from South Korea, as well as several famous tourist attractions in Japan. Currently, over 1,600 tourists use Rezio and it has served over 2.7 million travelers.
KKday also actively partners with other tourism companies. It invested in last-minute booking platform FunNow in late 2021, and acquired the Japanese travel booking system Activity Japan.
“KKday tries to partner with tourism friends to provide an innovative service for customers,” said Chen Ming-ming (陳明明), CEO and founder of KKday.
Over the past two-and-a-half years, the coronavirus has disrupted the world economy and hit the tourism industry hard. Facing the COVID-19 pandemic, KKday overcame it with agile and innovative strategies.
According to Chen, who led two companies to IPO before starting KKday, a key principle he practices is always to plan for the worst. By always planning for the worst, KKday has been disciplined in managing its cash flow and balance sheet.
The key principle is not to sink short-term assets into long-term investments, optimizing cash flow flexibility in return. This played a major role in neutralizing the initial shock of the outbreak, allowing KKday to protect its brand and fully refund customers, despite a significant drop in revenue.
KKday Founder and CEO Chen Ming-ming (right).