Pod lodging startup Bobobox secures US$11.5M in Series A
Also taking part in the round were new and existing benefactors, including Kakao Investments, Sequoia Surge, and Mallorca Investments, as indicated by an announcement from the startup.
Bobobox provides patrons with cheap lodging accommodations in the form of modular containers. These modules are equipped with services and IoT frameworks that are aimed at improving security, comfort, and competitive price points.
Originally established in 2017, the startup plans to use the newly acquired assets to ramp up its product improvement by broadening its tech group and reinforcing its production and working models. The company also plans to extend its reach to new markets in Southeast Asia once the world recuperates from the effects of the novel coronavirus.
Bobobox boasts six new facilities in three urban communities since its first funding round in 2019, bringing its aggregate operating buildings to eight, with a total of more than five hundred modular pods. The firm also has four new sites in three urban communities that are ready to launch, subject to pandemic regulations.
“We are always on the move to secure more locations to serve the market better. However, in the meantime, we will focus on new features and protocols to address Covid-19 situations […],” said Bobobox co-founder and president Antonius Bong.
The company has said that its occupancy rate has remained in the range of 50-60% even though the pandemic has been pummeling the travel and hospitality. Despite the fact that the rate has fallen when contrasted with its pre-pandemic range of around 80-90%, the firm said it has been doing moderately well when compared with other hospitality companies, with local residents turning into its new regular clients.
“Our lean operating model also allows us to maintain a low burn rate, so we have a longer, sturdier runway ahead, compared to traditional accommodation players,” said Indra Gunawan, co-founder and CEO of Bobobox.