Korea’s leading accommodation platform Yanolja has raised 60 billion won (USD $53.2m) from SkyLake Investment, which operates the largest private equity fund in the country. Skylake is led by former Minister of Information and Communication Chin Dae-je, and has also invested in other up-and-coming IT companies.
The latest funding is a further boost for the company which has become the nation’s most popular accommodation platform in recent years. Yanolja recorded 68.2 billion won in revenue 2016 — an 86.3% increase from the year prior. Founded in 2005, over 6.8 million members have signed up to use the website or apps to book and find information on places to stay.
Yanolja originally specialized in motels, working with operators to help improve the image and conditions of what were generally considered ‘seedy’ locations. In October last year, the service was expanded to cover other types of accommodation including hotels and guest houses.
Currently over 15,200 locations can be booked online and according to the company, it will now work on improving its service as it gears up to head overseas.
“This investment recognizes Yanolja’s consistent growth, as we innovate accommodation services both on, and offline,” says CEO Lee Su-jin. “As a leader in Korea’s accommodation industry, we will use more advanced services to prove our competitiveness in the global market.”
Following the direction of many other platforms recently, Yanolja will offer personalized recommendation services, and hopes to introduce new interior concepts to make accommodation more welcoming. In addition to this, B2B services will continue to be bolstered; helping operators with marketing, maintenance, operations and finance.
