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Hotel booking app Yanolja raises US$180 mln from Booking, GIC

All Headlines 14:23 June 11, 2019

By Kim Han-joo

SEOUL, June 11 (Yonnhap) -- Yanolja, the operator of a South Korean accommodation mobile application, said Tuesday it has raised a combined US$180 million from the U.S. travel service provider Booking Holdings Inc. and Singapore sovereign wealth fund GIC Pte Ltd.

The Series D funding from GIC and Booking Holdings brings the online booking platform operator's valuation to more than $1 billion.

Yanolja said the money will be used to build hospitality-related technology to accelerate the platform operator's global expansion.

The company said it has also formed a strategic partnership with Booking Holdings, which operates big-name online travel services, such as Booking.com and Agoda.com.

Agoda will offer its customers Yanolja's unique budget accommodations in South Korea, and Yanolja customers will be able to book accommodations across the world through Agoda, the latter said.

Founded in 2005 as an information portal for "love hotels," Yanolja has grown into a scaled-up company that now also operates its own hotel brands, and provides design and construction services for other accommodation businesses.

The corprate logo of Yanolja, in this photo provided by Yanolja (PHOTO NOT FOR SALE) (Yonhap)

khj@yna.co.kr
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