Seoul, South Korea, July 15, 2021 / PRNewswire / – Yanolja (CEO and Founder LEE Su Jin), South Korea leading travel and leisure platform, achieved a $ 1.7 billion investment round by sole investor SoftBank Vision Fund 2 *, one of the world’s largest technology-driven investment funds.
Using IoT, AI, big data and blockchain technologies, Yanolja has accelerated the digital transformation of the global travel and hospitality industry with its innovative cloud-based platform. Yanolja provides travel super app service including accommodation, recreation, transportation and catering, and has become one of the fastest growing travel industry unicorns across the world.
In South Korea, Yanolja has spearheaded the digitalization of the domestic travel industry through its “Travel Super App” strategy, while globally the company has focused on growth and expansion of its cloud-based hospitality solutions business. Despite the COVID-19 pandemic causing a significant decline in travel businesses globally, Yanolja achieved both net growth and operating profit gains last year, laying a solid foundation for sustainable growth.
The investment will allow Yanolja, who is already South Korea No. 1 Travel Super App and the world’s leading cloud travel solutions company, to evolve and continue to lead the digital transformation of the global travel and hospitality industry, which 3 trillion dollars. Yanolja plans to use the funding to invest in the development of innovative technologies and expand its technology offering into new markets. In particular, Yanolja plans to build and operate a more advanced Global Travel Platform (GTP) by upgrading and improving its automated solutions using artificial intelligence and personalized offerings based on big data.
“Powered by AI, we believe Yanolja is a leader in transforming the travel and leisure industry into South Korea thanks to its Travel Super App approach ”, declared Greg Moon, Managing Partner at SoftBank Investment Advisers. “We are delighted to partner with Lee su jin and the Yanolja team in their quest to expand into new markets and drive innovation in the travel and leisure industry. “
LEE Su Jin, CEO of Yanolja, said, “I am delighted that Yanolja, together with SoftBank Vision Fund 2, can collectively pursue and achieve our goal of making the global travel and hospitality markets hyper-connected through technology. We will accelerate the digital transformation in this sector. as a global leader in hotel technology and the Travel Super App, taking full advantage of our unique technological capabilities. “
Yanolja is the # 1 fastest growing OTA and the only ‘Unicorn’ among travel companies in South Korea. In the area of platforms, as a “Super App”, Yanolja provides all travel services including accommodation, recreation and transportation. Yanolja is now also one of the 2 main global providers of PMS by effectively using IoT, AI, big data and blockchain technologies. She integrated all hotel operations, from the front office to the back office. Yanolja connects the B2B2C value chain of the global hospitality industry with a one-stop-shop network and integrates it into a single platform.
* As of the date of this press release, SoftBank Group Corp. made capital contributions to enable SoftBank Vision Fund 2 (“SVF 2”) to invest in certain holding companies. The information included in this document is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interest in any fund, including SVF 2. SVF 2 does not yet have an external close, and any potential third party investors will receive additional information relating to any SVF 2 investment prior to the close.