Last-minute hotel booking app In2Nite has secured $2.8 million in a recent funding round with IDG Ventures as its lead investor. Other undisclosed investors also participated in the financing. The Singaporean startup will use the new capital for its expansion in Asia, according to Tech In Asia.
In2Nite's funding round comes just a few months after rival HotelQuickly announced its own capital raising. The latter had closed a $1.16-million round in September 2013, the report detailed.
Under the terms of the investment deal, Frederic de Bure will become part of In2Nite's board. De Bure is a venture partner at IDG Ventures, the report added.
Headed by chief executive officer (CEO) and founder Arne Dettki, In2Nite currently serves six countries including Singapore, Malaysia, Thailand, Vietnam, Hong Kong, and Indonesia. The app is riding the rising trend of last minute hotel bookings and helps hotels decrease the number of their unsold rooms. The mobile app will continue its mission to expand across Asia, Tech In Asia reported.
Join the Conversation