Malaysia: Golf reservation platform Golfreserv today announced that it has secured an undisclosed pre-Series A round from Tune Labs, a startup incubator backed by AirAsia founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun.
The startup cited plans to expand its operation to Thailand and Indonesia starting from Q1 2017.
“We are very excited to be part of the Tune Group family as it offers Golfreserv an exciting opportunity to build off our fast-growing Malaysian operations and expand regionally,” said Prathib Sooria, founder and CEO of Golfreserv, in a press statement.
“The Tune Group ecosystem offers a unique channel to drive inbound tourists into Golfreserv’s Malaysian partners and an opportunity to build ancillary income streams through tailored travel and accommodation solutions. Building a business across ASEAN is a non-trivial challenge and a strategic partnership with Tan Sri Tony and the Tune Group elevates exposure of our platform and provides a sizable channel to golfers across the region,” he further explained.
Based in Kuala Lumpur, Golfreserv claimed to have secured almost 80 golf clubs across Malaysia. Founded in 2013, the startup has received support from the Malaysian Ministry of Finance through participation in the Cradle Investment Program 500 and the MaGIC Acceleration Program.
The platform enables golf courses to promote activity during low periods with discounted rates, as well as target customers and optimise pricing through data analytics.
“We like the segment as it is a discrete, easily identifiable and addressable market with green fees alone accounting for a US$500 million p.a. market in Southeast Asia. We look forward to extending Golfreserv’s presence across ASEAN and integrating Tune Group’s travel and hospitality assets into the platform in order to develop mutually beneficial ancillary revenue opportunities,” stated Gareth Lim, Co-Managing Partner of Tune Labs.
In its new target market Thailand, Golfreserv will be competing with Golfdigg, which secured a US$650,000 funding round from InVent in October 2015.