Singapore's Easybook said to be closing $3m Series A:Report
October 26th, 2015
Singapore-based Easybook.com, which claims to operate the largest land, sea travel and tours booking website in Southeast Asia, is reported to be in the final stages of closing a Series A round worth $3 million.
Digital News Asia reported that sources familiar with the deal disclosed Easybook executives had signed a term sheet with the prospective investor, with a funding agreement to be finalised with Q4 2015. Digital News Asia quoted a source as saying, "The funds raised will be used to fuel the company’s aggressive expansion plan."
Founded in 2005, the firm offers online bus booking services of coaches and express bus tickets from Singapore to and from Malaysia, within peninsular Malaysia, East Malaysia, Thailand and Indonesia. Currently, it partners with more than 150 bus companies, offering more than 10,000 departures per day on over 6000 routes.
Some of the destinations it serves includes Kuala Lumpur, Genting Highlands, Malacca, Bangkok and Jakarta, amongst other cities in the region.
It also offers train ticketing services in Singapore, Malaysia, Thailand and Taiwan. This is in addition to ferry tickets in Thailand, Indonesia, Malaysia and Singapore. 2014 saw it launch car rental bookings in Singapore, Malaysia, Thailand and Indonesia.
If successfully closed, this series of funding would signal an intensification in the competition in the regional online bus ticketing space. Kuala Lumpur-based CatchThatBus, an online bus ticketing service provider, recently secured a $1.5-million pre-Series A round from Jungle Ventures and 500 Startups.
Easybook founder William Lee has declined to issue any public comments on this transaction.