Thailand Business news
Thailand News with a Business Perspective

Favstay Room booking platform in Thailand raises US$2.88M funding

Similar to Airbnb, Favstay helps users rent trendy rooms at popular tourism destinations in Thailand

Room booking platform Favstay has raised a US$2.88 million funding, the company’s co-founder Natavudh “Moo” Pungcharoenpong announced on his personal Facebook account on Wednesday.

Upscale hotel chain Dusit International, 500 Startups, and several undisclosed strategic investors have participated in the funding round.

e27 has reached out to Pungcharoenpong to discover more details about the investment into Favstay, and the company’s future plans after the investment.

Favstay itself was mentioned in 500 Tuktuks’ third batch of investment in January.

Formerly known as Pompome, Favstay was co-founded by Pungcharoenpong and Suchada Taechotirote. Taechotirote got the idea to build the platform when she was on holiday in Huahin and realised the opportunity for holiday home owners to rent out their places.

Apart from Favstay, Pungcharoenpong himself is also known as co-founder of e-book platform Ookbee and a venture partner at 500 Startups.

Favstay stands out as it does not only offer features to book rooms in Thailand’s top holiday destinations, it also assists users in checking-in and houskeeping. It currently has over 5,000 units with a growing presence in Laos and Vietnam.

Dusit International itself was founded by Thanpuying Chanut Piyaoui in 1948. Headquartered in Bangkok, the hotel chain is available in 29 locations in China, Egypt, Kenya, Maldives, the Philippines, Thailand, United Arab Emirates, and the US.

The post Favstay raises US$2.88M funding from Dusit International, 500 Startups, others appeared first on e27.
Source link