HOSTELHUNTING.com, a student accommodation marketplace, has successfully raised US$500,000 (RM2,149,7000) in a seed round led by KK Fund, followed by Incubate Fund and Cradle Fund (CIP 500).
KK Fund is a Singapore-based venture capital fund investing in seed stage Internet and mobile startups in South-East Asia, Taiwan and Hong Kong.
Incubate Fund is the largest seed stage investment group in Japan, backed by Tencent, Yahoo Japan, Innovation Network Corporation of Japan and other investors.
Launched in January this year with 600 accommodations in a single area, HostelHunting.com now has more than 21,000 accommodations in its inventory in the majority of university towns in Malaysia. It has also launched its Singapore presence in December.
The funds will enable HostelHunting.com to expand even faster. The focus will be on building an even stronger team, develop new features for students and landlords and branch out regionally.
HostelHunting.com, founded by Keek Wen Khai, Loke Weng Leong, Joey Lim and Marcus Low, has detailed photographs and descriptions for each listing. Students can search for their choice of accommodation by area or institution.
To facilitate the booking process, the platform also enables students and landlords to connect with each other. The accommodations are verified by HostelHunting.com and all bookings come with a 100% refund guarantee.
“Hostel Hunting is a first mover in this untapped student market here in South-East Asia. The founders have deep understanding and network of student accommodation market.
“The number of students and intakes are growing by close to 10% every year in South-East Asia, so I see massive market potential in this space,“ said KK Fund general partner Koichi Saito.
“We are grateful to KK Fund, Incubate Fund and Cradle Fund for believing in us.
“The funds will allow us to enhance our product and kick-start our regional expansion. Students find it incredibly safe and easy to find and book their accommodation through us, while landlords love the reach and convenience we provide them.
“We will continue to improve to be the easiest and safest; our focus is on creating the best experience for our users and, of course, to grow,” said Keek, who is chief executive officer of HostelHunting.com