AsiaYo gets $7m from Alibaba fund for international expansion
AsiaYo, a Taiwan-based vacation rental platform, has raised US$7 million in series B funding. The round was led by Alibaba Taiwan Entrepreneurs Fund and China Development Financial, with Darwin Ventures and Delta Ventures also participating.
The startup aims to use the investment to bankroll its ongoing international expansion.
It has a presence in Japan, Korea, Hong Kong, and Thailand, with Singapore and Malaysia joining the list by early 2019.
The new capital will also contribute to product development and talent acquisition.
AsiaYo also revealed plans to launch a Japanese website next year.
As part of its partnership with Rakuten Lifull Stay, a local holiday rental service provider, AsiaYo users can reserve private lodging facilities listed on the former’s Vacation Stay platform.
In a press statement, Andrew Lee, Executive Director, Alibaba Taiwan Entrepreneurs Fund said, “With rapid economic development across Asia, we have seen a significant rise in inter-regional tourism. AsiaYo has capitalized on this trend, demonstrating its growth potential. We’re currently working with AsiaYo to further develop technological capabilities in the travel industry.”
