Business & Economy Startups Malaysia-based travel tech startup LokaLocal secures funding at a valuation of US$1.5M

Malaysia-based travel tech startup LokaLocal secures funding at a valuation of US$1.5M




- Advertisement -

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.

- Advertisement -

Also Read: Agritech startup CropIn raises US$8M from Chiratae Ventures, Bill & Melinda Foundation

“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.

Also Read: Singapore’s CapBridge gets central bank approval to operate private exchange

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.

Image Credit: LokaLocal

The post Malaysia-based travel tech startup LokaLocal secures funding at a valuation of US$1.5M appeared first on e27.

Source: E27

Please follow and like us:
- Advertisement -

K Shanmugam: In Singapore, the right to speak freely goes with the duty to act responsibly

Singapore—Speaking at the 16th Religious Rehabilitation Group Seminar at Khadijah Mosque on Monday (Nov 24), K Shanmugam, the Minister for Law and Home Affairs, said that the threat of terrorism has not gone away though its “shape and nature” have changed. Citing...

Parliament receives 61 NMP proposal forms from the general public, groups

The Office of the Clerk of Parliament said yesterday (24 Nov) that Parliament has received 61 Nominated Member of Parliament (NMP) proposal forms. This is higher than the 48, 41 and 36 proposal forms that Parliament received in 2018, 2016 and...

No state acknowledgement for former President Yusof Ishak on his 50th death anniversary

Although 23 November 2020 marked half a century since Singapore's first President Yusof Ishak passed away, there was no state acknowledgement to commemorate the former President's 50th death anniversary. Neither current President Halimah Yacob, Prime Minister Lee Hsien Loong nor any other...
Please follow and like us:
Follow Me