This marks South Korean BonAngels Ventures Partners’ first investment in Malaysian company
Malaysian online travel platform LokaLocal announced that it has raised an undisclosed funding amount that values the company at US$1.5 million. The funding is lead by the South Korean venture capital firm BonAngels Venture Partners.
LokaLocal plans on using the funding to accelerate its growth through the development of an integrated tech solution, acquisition of products, and regional expansion to about 50 cities, towns, and villages within the next year.
The company noted that its immediate project would be working alongside cultural space owners and event organisers to give access to Malaysia’s culture and art scene on a digital platform.
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“We can already see the growing interest in off-the-beaten-track experiences over mass tourism. This new funding will enable LokaLocal to further solidify its position in Malaysia,” said founder and CEO of LokaLocal Chin Yoon Khen.
BonAngels is adding LokaLocal to its portfolio as the execution of their vision to expand the growth of promising Southeast Asian companies.
“LokaLocal is a company that genuinely discovers local attractions and has the ability to form them into tours. As the tourism industry grows, we believe content-uniqueness would be much important. LokaLocal’s whole network and learnings would truly be a valuable asset,” said CEO of BonAngels, Simon Seok-heun Kang regarding the decision.
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LokaLocal was established in 2016 as an experienced-based platform in Malaysia. Currently, the company claimed to have connected travelers to over 800 unique tours and workshops, while delivering economic and social impact to 700 local hosts.
The company that was awarded the Best Social Impact Award by the Mekong Innovative Startups in 2017 and has worked with tourism arms of Selangor and Perak state government in the national initiative under Visit Malaysia 2020.
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Image Credit: LokaLocal
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Source: E27