Vendit Raises KRW 4 Billion to Boost Hospitality Solutions and Direct Hotel Operations
Reading Time: 2 minutesVendit, a Korean company that provides automated management solutions for the hospitality industry, has completed its pre-Series A funding round, raising an additional KRW 4 billion and reaching a total of KRW 8 billion. Participants in this round included the Korea SMEs and Startups Agency, SPACETIME INVESTMENT, and Life Asset Management.
This investment is expected to significantly accelerate Vendit’s growth. In 2023, the company achieved a fivefold increase in growth, and it plans to use the newly acquired funds to continue this rapid expansion. Previously, Vendit had secured KRW 4 billion in another pre-Series A round in 2022.
As of May 2024, more than 500 lodging facilities are using Vendit, which now manages a total of 15,350 rooms. The system has processed over 2.2 million automated reservations and generated nearly KRW 402.1 billion in revenue. Vendit attributes this growth to its 98% compatibility with existing key systems, its ability to develop customized features for each facility, and its support for the largest number of reservation apps.
In 2024, Vendit plans to use the funds to further enhance its Channel Management System (CMS) and Property Management System (PMS), develop a customer revenue management system, and invest in direct hotel operations.
Since April, Vendit has directly managed the Arco Hotel in Daegu, providing valuable operational experience for its staff. This hands-on management approach enables Vendit to accurately identify and meet customer needs, leading to the design of more effective and efficient solutions.
Lee Jae-seung, CEO of Vendit, remarked, “This funding round will enable us to further accelerate our development of innovative solutions and enhance customer satisfaction through our direct hotel operations.” He further emphasized, “Our goal extends beyond mere growth; we aim to transform the hospitality industry by minimizing vacancy rates and establishing a robust revenue management system for our clients.”
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