South Korean travel tech start-up, Globaleur, has raised US$2.5 million in their pre-series A round on September 29. Its Singapore office was also recently set up as part of their expansion plans for South-east Asia.
Founded in 2017 by David Lee and Grace Wang, Globaleur was designed to leverage AI solutions and solve the issue of the fragmented travel industry by connecting the end-to-end travel experience.
Globaleur addresses bridging the gap in the travel experience through three key components: pre-flight, in-flight, and in-destination.
Its AI Personalization Engine maps out user preferences across the board – from destinations and flights, interactions with in-flight entertainment systems in the air, and preferences for activities on the ground – presenting users with a complete overview of their trip for a hyper-personalised traveller experience.
This has attracted renowned venture capital firms such as SeaX Ventures, Knet Investment Partners, Big Basin Capital, and Primer Sazze based in San Francisco and Seoul.
In addition, the Korea Tourism Startup Center (KTSC) has been working with Globaleur before their pre-series A round to lay the groundwork for expansion in Singapore, leading to talks between Changi Airport Group (CAG) and Globaleur.
Jang Min Jun, deputy director of Korea Tourism Organization Singapore, who is in charge of KTSC said: “Globaleur’s solutions have the potential to improve Singapore’s travel digital infrastructure. KTSC is connecting them with key stakeholders in the industry, and we are excited to be part of their global growth.”
Globaleur has gained a lot of momentum in the market and is receiving heavy interest from global full-service carrier airlines, government-operated tourism boards, airports, hotel chains, and some of the largest commercial banks in the Asia-Pacific region. Its growth has skyrocketed along with the market recovery and expects to grow their annual recurring revenue by six times with more than five million in monthly active users.
Lee said: “Singapore plays a huge role in our business strategy heading into 2023. KTSC has been a big part of that push, helping us fast-track the discussion with CAG by putting us in touch with the relevant business contacts in Singapore and saving us months in our sales cycle.
“We foresee our collaboration with Singapore’s travel industry serving as a regional benchmark in the near future.”