Alibaba Taiwan Entrepreneurs Fund Leads $7M Round To Vacation Rental Portal AsiaYo

AsiaYo, a Taiwanese room rental platform for vacationing, has received US$7 million in a series B round of funding, led by Alibaba Taiwan Entrepreneurs Fund and China Development Financial.

Other investors, including Darwin Ventures and Delta Ventures, also participated in the round.

The startup will use the fresh proceeds to support its ongoing international expansion and finance product development and talent acquisition.

Based in Taipei and founded in 2014, the company operates a accommodation booking platform across Asian cities, with 50 partners worldwide.

The company has a footprint to over 60 cities in Taiwan, Japan, South Korea and Thailand and has more than 50,000 rooms listed on the website. It also plans to reach to Singapore and Malaysia by early 2019.

The company secured a US$3 million series A round of financing in 2017 from led by Darwin Ventures and Accord Venture, a Japanese venture capital firm.

According to data released by the Japan National Tourism Organization, the number of travelers to Japan from Taiwan surpassed 4 million people for the first time in 2016, making it the third largest source of tourist traffic behind China and South Korea.