South Korea-based online travel platform My Real Trip has raised an amount equivalent to US$36 million from local and foreign investors.
The round of funding was led by an existing investor Altos Ventures, with participation from IMM Investment and Smilegate Investment. New players like state-lender Korea Development Bank, Singapore-based Axiom Asia Private Capital, France-based Partech Partners, and US-based Tekton Ventures also patronized this round of funding.
The company plans to use the funds to support its research and development to improve on its algorithms.
Founded in 2012 by Donggun Lee and Minseo Baek My Real Trip allows users to book flights, accommodations, tours & tickets, and have access to some special offers. The company claims that more than 7.6 million users have planned trips using the platform and it has been able to raise US$68.6 million overall.
Likewise any travel platform, the company has had its share of low users due to the coronavirus outbreak which necessitated many countries to lockdown their external borders. However, the company innovated and concentrated on domestic travels.
Investors believe there is a high chance of the travel and tourism industry bouncing back, “Traveling will make a comeback, teams that are prepared will be able to take over the market,” Han Kim, the Managing Director of Altos Ventures, posted on his Facebook.