Latest Appy Hotel News
Oct 6, 2015
email@example.com October 6, 2015:   Singapore-based venture capital (VC) firm Unlimited Capital has invested an undisclosed amount of venture funding in hospitality app maker and hotel digital marketing platform Appy Hotel , which operates in Hong Kong and Thailand. This undisclosed investment values the startup at US$2 million. e27 reported that Mike Darnell , VP (Strategy) of Appy Hotel and a co-founder of the venture, declined to disclose the exact amount but noted that it was a six-digit figure. Darnell’s co-founder is JP Dumas , who serves as the CEO of Appy Hotel and is a former business strategy lecturer at Chulalongkorn University, according to his LinkedIn profile. It’s previous round of funding was a US$500,000 seed round in October 2013, according to Crunchbase. In a statement to e27, Darnell said “We had to go to Dublin to meet Singaporean investors. They saw us at Web Summit, and they invited us to dinner. … It was love at first sight.” According to Darnell, the two firms met at Web Summit in Dublin, Ireland in 2014. Adding that while they were revenue generating, the venture had not broken even yet, Darnell explained that Appy Hotel generated revenue from a four-tier pricing model meant for hoteliers to design and customise mobile apps. According to the report, the funds from this round will be used to accelerate product development and customer acquisition across both the Asian and European market. In Q4 2015 and Q1 2016, Appy Hotel will explore the expansion of its offerings to hoteliers, particularly in the realm of offering digital presence management to hoteliers and other hospitality players. Valeriy Kondruk , a partner in Unlimited Capital based in California, recently stated in an interview with e27: “Currently, we’re mostly focussed on companies in the field of virtual reality (VR) or augmented reality (AR) and drones with a market-ready product on hand. I’m personally a big believer in virtual reality which is having a more and more profound effect on entertainment, education and travel with a potential market of hundreds of billions of dollars.” In light of this, the investment in Appy Hotel seems uncharacteristic of the fund. This suggests that the founders and the venture itself are perceived as having significant growth potential. This also implies that Unlimited Capital possesses what could be a significant stake in the firm at this point.