Yanolja, a leading travel platform in South Korea, completed a $ 1.7 billion funding round led by SoftBank Vision Fund 2, the world’s largest technology investment fund. The funding will be used to strengthen and advance technology capabilities in the global travel and hospitality industry’s digital transformation.
LEE Su Jin, CEO of Yanolja, noted “I am delighted that Yanolja, together with SoftBank Vision Fund 2, can collectively pursue and realize our goal of making the global travel and hospitality markets hyperconnected through technology. We will accelerate digital transformation in this sector as the global leading hospitality Tech Company and Travel Super App, by fully leveraging our unique technological capabilities.”
Through its innovative, cloud-based platform, Yanolja has been accelerating the digital transformation of the travel and hospitality industry by utilizing IoT, AI, big data, and blockchain technologies. The company provides a range of travel services including accommodation, leisure, transport, and restaurants, and has become one of the fastest-growing travel sector unicorns worldwide.
Greg Moon, the Managing Partner at SoftBank Investment Advisers, said, “Powered by AI, we believe Yanolja is a leader in transforming the travel and leisure industry in South Korea through its Travel Super App approach. We are delighted to partner with Lee Su Jin and the Yanolja team in their quest to expand into new markets and drive further innovation in the travel and leisure industry.”
With this investment, Yanolja, which is already South Korea’s leading travel super app and the leader of the global travel cloud solutions industry, will be able to scale and continue leading the digital transformation of the global hotel and travel industry that is estimated to be worth $ 3 trillion. Yanolja will use the funding to develop innovative technologies and expand its technology offerings to new markets. Using artificial intelligence and personalized offerings based on big data, Yanolja plans to build and operate an advanced global travel platform (GTP) to make travel more convenient and affordable worldwide.