FunNow, a Taiwan-based instant booking app for leisure activities, has raised $5 million in a Series A round led by the Alibaba Entrepreneurs Fund for its expansion in Southeast Asia and Japan.
According to a Techcrunch report, existing investor CDIB Capital and new investors Darwin Ventures and Accuvest Global Advisors also joined the round.
The latest round brings FunNow’s total funding to about $6.8 million. The startup plans to use the proceeds to expand its operations in Hong Kong, Okinawa, Kuala Lumpur, Bangkok, Osaka and Tokyo.
Similar instant booking apps include Hong Kong-based Klook, which recently secured $200 million in funding last week, and KKday, which raised an undisclosed amount from Alibaba Entrepreneurs Fund in July. However, FunNow has differentiated itself by serving the local users, while the other two focus more on the growing tourism sector.
The app claims to offer 20,000 activities daily to its 500,000 members and says that around 70 per cent of its monthly gross sales volume is from repeat customers.
Counting on an aggressive growth plan, FunNow expects its revenue to reach $16 million in 2018 or three times what it generated in 2017.
FunNow raised 1.5 million from CDIB Capital in a pre-Series A round in July 2017 and $300,000 from undisclosed angel investors in 2015, according to Crunchbase data.