Hospitality tech startup expands into Southeast Asia as domestic hotel market digitizes
ONDA Raises $9M Series B at 2x Valuation
- ₩12B round led by TS Investment, NOW IB Capital, IBK, and others
- Funds will accelerate hotel digital transformation and PMS market entry
- Southeast Asia expansion underway
(Press Release — Dec 26, 2022) Hospitality tech startup ONDA has closed its Series B round. Despite the startup funding winter, the company secured more than double the valuation from its Pre-Series B last year — a strong signal of growth momentum.
ONDA announced today it raised ₩12 billion (approximately $9M USD) from TS Investment, NOW IB Capital, IBK (Industrial Bank of Korea), Square Ventures, K Bridge Investment, and Breeze Investment. Cumulative funding now stands at ₩31.5 billion. NOW IB Capital returned as a follow-on investor.
Founded in 2016, ONDA is a B2B SaaS company serving hotels and accommodations. In H1 2022, the company crossed ₩100 billion in gross transaction volume for the first time in a half-year period. Revenue more than doubled year-over-year.
ONDA's core products include ONDA HUB (formerly ONDA GDS), a channel manager covering 60–70% of Korea's online accommodation booking market; ONDA Plus, a hotel management SaaS; and Pension Plus, a SaaS for guesthouses and small properties.
The company is also set to launch DIVE, a hotel PMS, in January 2023 after two years of development. Field testing showed DIVE is intuitive, easy to use, and significantly more efficient than legacy hotel PMS systems.
With the Series B capital, ONDA will speed up digitalization efforts in Korea's hotel market and build out systems to attract inbound travelers.
International expansion is also accelerating. CEO Oh Hyun-seok is personally leading the global business taskforce, targeting Southeast Asian hotel markets. ONDA is building solutions that help Korean travelers book local hotels seamlessly — a win-win for both local properties and Korean tourists.
A representative from lead investor TS Investment said, "We've seen Korea's tourism industry rebound firsthand. More than anything, we invested based on the capability and ambition of ONDA's leadership and team."
CEO Oh commented, "We're thrilled to see the market validate our direction. ONDA will be the company that powers the growth of K-tourism — not just at home, but globally in the post-COVID era."
