Daily Hotel, a Korean hotel reservation app has received an investment from Silicon Valley's Sequoia Capital, a venture capital that invested into Apple and Google. This marks the third investment for Daily Hotel following Bon Angels (a venture capital primer) backing of the company earlier this year. For Sequoia which traditionally makes investments in the USA, this is the just the second investment into a Korean company with the first being Coupang.
Shin In Shik from Daily Hotels, “Sequoia Capital, is representative of Silicon Valley (USA) in assisting practical companies succeed”. Shin explained that, “There is no better partner to break the paradigm of mobile commerce”. Shin added, “Using the investment O2O as a base, we plan on pursuing a new mobile commerce market. The Korean launch will provide an accelerated assessment of the business model and upon verification will be launched globally.
Daily Hotel started in 2013 and was the first company in Korea to apply time-commerce methods for hotel reservation services. On the day vacancies are provided at more than 70 percent off the usual price and the company is extending their service from hotels to also cover restaurants.
On Google Play the app is scoring an impressive 8 starts and in the category of mobile hotel services is the leading download. Sequoia is a leading Silicon Valley venture capital with investments into Apple, Google, Youtube and Dropbox. They have a developed understanding of companies and their success factors. For Daily Hotel this investment represents the a developed maturity in Korean startups.
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