Singapore-based Asia Partners has made its first portfolio investment by leading a $70m funding round for Southeast Asian hotel management and booking platform RedDoorz.
Rakuten Capital and Mirae Asset-Naver Asia Growth Fund also took part in the round, the first close of a planned larger Series C raise.
Existing investors Qiming Venture Partners and International Finance Corporation (IFC) returned to back the business during the investment round.
The round comes just four months after RedDoorz raised $45m of Series B capital, and brings the total raised by the business to $140m since it was launched in 2015.
RedDoorz says it is now the best funded company in its category of online affordable accommodations across Southeast Asia.
The company said it would use the new funds to launch in new markets and scale technology, customer experience projects, people and marketing investments.
Asia Partners was launched last year by former Sea president Nick Nash and ex-Naspers CEO of B2C e-commerce Oliver Rippel.
The firm is believed to have reached an $80m first close for its debut fundraise in June.
A statement from Nash and Rippel said, “Our mission is to help build and mentor Southeast Asia’s next generation of tech unicorns.
“Our team has a unique combination of investing and operating skills to help companies such as RedDoorz become true market leaders.
“We have every confidence in the team’s ability to capture the enormous opportunity which exists in the affordable travel segment.”
Nash left Singapore games and e-commerce major Sea a year ago to launch Asia Partners, which will look to back Southeast Asian tech businesses looking to expand across the region.
While at Sea Nash led the largest ever Southeast Asian internet IPO, a $989m offering on the New York Stock Exchange that had returned a 56 per cent IRR to public shareholders as of June 12 this year.
Fellow Asia Partners co-founder Oliver Rippel was formerly CEO of B2C e-commerce at Naspers, and initiated the investment in Flipkart before navigating its sale to Walmart at a $21bn valuation.
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