Seoul, South Korea, Jan. XNUMX / PRNewswire /
- New funding to strengthen technological capabilities and further lead the digital transformation of the global travel and hotel industry
Yanolja (CEO & Founder LEE Su Jin), South Korea's leading travel and leisure platform, has completed a $ 1,7 billion investment round through sole investor SoftBank Vision Fund 2 *, one of the world's largest technology-driven mutual funds.
By using IoT, AI, big data and blockchain technologies, Yanolja accelerates the digital transformation of the global travel and hotel industry with its innovative, cloud-based platform. Offering a travel super app that spans accommodation, leisure, transportation and dining, Yanolja has become one of the fastest growing unicorns in the travel industry around the world.
In South Korea, Yanolja has advanced the digitalization of the domestic travel industry with its “Travel Super App” strategy, while the company has focused on the growth and expansion of its cloud-based hospitality solutions business worldwide. Despite the COVID-19 pandemic, which resulted in a significant decline in the travel business worldwide, Yanolja achieved both net growth and an increase in operating income last year, laying a solid foundation for sustainable growth.
The investment enables Yanolja, which is already South Korea's No. 1 travel super app and No. 1 global travel cloud solution, to scale and digitally transform the global travel and hospitality industry, which has reached $ 3 trillion USD is estimated to continue to lead. Yanolja plans to use the funding to invest in the development of innovative technologies and expand its technology offering in new markets. In particular, Yanolja plans to build and operate a more advanced global travel platform (GTP) by upgrading and improving its automated solutions with the help of artificial intelligence and personalized offers based on big data.
“Driven by AI, we believe that Yanolja is leading the transformation of the travel and leisure industry in South Korea with its travel super app approach,” said Greg Moon, Managing Partner at SoftBank Investment Advisers. "We are excited to be working with Lee Su Jin and the Yanolja team in their quest to expand into new markets and drive further innovation in the travel and leisure industry."
LEE Su Jin, CEO of Yanolja, commented: “I am delighted that Yanolja, together with SoftBank Vision Fund 2, can pursue and realize our goal of making the global travel and hospitality markets hyper-connected through technology. We will accelerate the digital transformation in this sector as the world's leading hospitality tech company and travel super app by taking full advantage of our unique technological capabilities. "
Information on Yanolja
Yanolja is the fastest growing No. 1 OTA and the only “unicorn” among travel-related companies in South Korea. In the platform business, Yanolja offers all travel-related services as a “super app”, including accommodation, leisure and transport. Thanks to the effective use of IoT, AI, big data and blockchain technologies, Yanolja is now also one of the top 2 global PMS providers. It has integrated the entire hotel business, from the front office to the back office. Yanolja connects the B2B2C value chain of the global hospitality industry with a one-stop network and integrates them into a single platform.
* As of the date of this press release, SoftBank Group Corp. Contributions made to enable SoftBank Vision Fund 2 ("SVF 2") to invest in certain portfolio companies. The information contained herein is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any limited partner's interests in any fund, including SVF 2. SVF 2 has not yet been closed and any potential third party investors will receive additional information prior to closing in relation to all SVF 2 investments.
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Yanolja Co., Ltd.
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Original content by: Yanolja, transmitted by news aktuell