Msia’s iBilik gets funding, Asia’s online short term rentals market heating up?
November 13, 2011 by Terence LEE
Singapore-based Crystal Horse Investments announced that they have pumped in an undisclosed sum of second round funds into Malaysia-based Ocision, which owns and manages iBilik, a short term rentals site in the vein of AirBnb and Roomorama.
The investment will be used for marketing expenses and expansion. iBilik has a presence in Malaysia, Singapore, and Indonesia. The founder, Ng Say Joe, is a serial entrepreneur with experience starting up two other Malaysian websites.
This latest investment is an indication that the online short term rentals market is heating up in Asia.
Recently, we interviewed the founders of Roomorama, another rentals site founded in New York City but expanding to Asia. Their competitor, 9flats, has also set up an office in Singapore with plans to expand to the region.
Another interesting startup to keep an eye on would be Tripvillas.com, which specializes in holiday homes and villas, targeting more affluent travelers and families.
Crystal Horse is an angel investment firm that focuses on startups in Southeast Asia. While their portfolio mostly consists of Internet companies, they do look at brick-and-mortar businesses as well, according to their FAQ.
Their past investments have included FashionSpace, a website that lets users create their own fashion magazines, and Tradesparq, a social network that lets users source for suppliers and manufacturers in China.
Find out more about SGE’s research arm: SGE Insights, providing customized in-depth research reports to help you navigate the business of technology in Asia.
About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE