Taiwanese travel e-commerce platform KKday has secured around $70 million in a financial round that saw participation from several new and existing investors, according to a company release on Thursday.
Japan government-backed Cool Japan Fund, Taiwan’s National Development Fund, Taiwan-based venture capital firm Darwin Ventures, and Chang Hwa Bank Venture Capital, the wholly-owned subsidiary of Chang Hwa Bank, were among the participants.
The travel experience firm also secured several credit lines from financial institutions. A “significant portion” of the proceeds will be used for M&As of potential targets in the Asia Pacific region to consolidate the firm’s market position. The rest will be dedicated to AI research project investments and talent acquisition.
The fresh funding comes as KKday ramps up its market position in Japan, focusing on business-to-consumers (B2C) products. Most recently, KKday was one of 14 unicorns selected as part of the Tokyo Stock Exchange Startup Hub, an initiative by the bourse to support selected businesses’ expansion in Japan and partnership with Japanese firms.
The initiatives will also provide IPO support to the selected firms, although that doesn’t guarantee a future listing.
While KKday has plans for a public listing, the firm has yet to decide on the venue, a senior executive told local media in October.
Founded in 2014, KKday has 10 offices across Hong Kong, Korea, Japan, Singapore, Malaysia, Vietnam, Thailand, the Philippines, Shanghai, and Australia, besides its headquarters in Taiwan.
Previously, the firm completed its Series C+ round led by private equity firm TGVest Capital in July 2022. Prior to that, it bagged $75 million in a Series C funding led by Cool Japan Fund and the National Development Fund.
