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Taiwanese instant booking startup FunNow raises $15M Series B, PChome, Wistron, and KKday become investors
FunNow, a Taiwan-based lifestyle marketplace for entertainment and leisure activities has closed the Series B funding round of USD$15M. Perfect Hexagon Commodity and Investment Bank from Malaysia and Ascendo Ventures from Korea are co-leading the investment, along with new investors PChome, KKday and Wistron, and existing investors CDIB capital, Darwin Venture, Accuvest, Sanpu Travel Group and CSV Venture Fund also participating.
It is noteworthy that FunNow existing investors are mostly financial investors yet this time it has three Taiwanese corporate investors e-commerce giant PChome, NEXT BIG startup KKday and Wistron joining the league.
In addition to the huge monthly traffic of PChome, it also has different business units such as Pi Wallet. "We are optimistic about FunNow's OMO performance, whether it is for digital transformation of the service industry or technology insight into consumers behaviors. FunNow is the leader and pioneer of the industry." said Kevin Tsai, CEO of PChome.
KKday, which used to focus on destination travel, has developed its business puzzle into local life services in the post-pandemic era. Both parties will provide consumers with a more comprehensive and more convenient booking experience jointly. ”FunNow’s achievements and future growth in the field of urban lifestyle is optimistic, we will help the team accelerate international market penetration with experience." KKday CEO Chen Mingming agreed.
Wistron has been actively forster and invest in Taiwanese startups. They collborate with AppWorks to set up the Wistorn accelerator, and they also invest in varity of startups, like the most recent one, Silicon Valley edtech startup MeandMine.
“Through the equity investment, we will be allied with PChome, KKday and Wistron to accelerate the growth of the lifestyle ecosystem.” TK Chen added.
Get through the COVID19
Coronavirus has ravaged the world in 2020 especially lifestyle industry. It is not easy to complete fundraising in this difficult time. However, FunNow shows the ability to get thorugh the setback. It only took FunNow three months to return revenue to 80% performance of the pre-pandemic, since Taiwan market entered a Level 3 alert in May 2021.
“FunNow's performance during the Covid-19 pandemic shows that the company's operating conditions are optimistic and have huge potential for overseas expansion. We will provide more assistance in international integration in the post-pandemic era.” said Aaron Shin, Managing Director of Ascendo Ventures.
It will take some time for countries to open their borders, but a rebound in domestic consumption can be expected first. FunNow expects the Taiwan, Hong Kong and Malaysia market revenue to create a new record high in the fourth quarter. With the Series B funding being injected, it will be beneficial to FunNow’s brand awareness and market share globally.
“It is expected that the pandemic will be gradually controlled, and the revitalization of domestic consumption will be the primary goal of each country. Under the COVID-19 pandemic, FunNow's business data also showed that the online booking habits of local life services and the demand for the digital transformation of service-oriented business is accelerating,” said CC Chang, head of global strategy and co-founder of FunNow.
Consolidate the Southeast Asia market
“The completion of the Series B fundraising is definitely a boost for FunNow.” said Philip Ting, SEA Executive Director of FunNow. “Many teams with similar services in SEA have been observed to cease operations or transform. For example, the Southeast Asian startup Offpeak and the unicorn Gojek have also closed their GoLife service.” he added.
“This round’s investors are international and diversified, giving us not only capital injections but also more international resources and connections. With this move, FunNow will have a leading position in the lifestyle marketplace in Southeast Asia. ” said TK Chen, CEO and co-founder of FunNow.
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