Business

Selfbook raised $25M at a $125M valuation led by Tiger Global

hotel selfbook 25m series tiger 125m

Selfbook, a company in the hotel payment software sector, recently announced that it has raised $25 million in a Series A round. This mega funding was headed by Tiger World Management.

Lachy Groom, a former employee of Stripe who is now a trader, Valia Ventures, Fin Venture Funds, and other “strategic” angel investors also took part in the transaction. As a result, this increased the company’s total capital to $30 million and valued it at $125 million. According to Khalid Meniri, Co-founder and CEO of Selfbook, the valuation marks a nearly “16x” rise over the company’s worth. And it raised a $2 million seed round in the previous quarter.

In this most recent round, investors from companies including Greater Tomorrow Ventures, Abstract Ventures, TenOneTen Ventures, and 9Yards Cash also took part “with amazing pro  rata.” Selfbook, started in September 2020, makes the claim that its software enables hotels to accept “one-click” direct payment via their websites while eradicating fraud and lowering chargebacks.

Selfbook started up in April with just one hotel and has now inked contracts for around 90 lodgings, with 15 of those so far having missing guests. The firm has experienced a “10x” increase in Selfbook end users compared to the previous six months. Besides, Selfbook  system is the only one for hotels that permits the usage of digital wallets like Apple Pay out, Google Pay back, PayPal, and buy now, pay later.

Selfbook now employs 50 full-time staff members, up from only four at the beginning of the year. It plans to utilize its additional resources to expand collaborations with financial companies and current hospitality systems, as well as to hire more people. Apart from that, Selfbook used to be a business-to-consumer company that allowed hotel guests to make bookings at around 3,000 resorts. After realizing there were no existing API partners, the company created its own “modern” transaction software to assist such reservations.

Meniri told TechCrunch that when the pandemic struck and businesses collapsed, we decided to democratize our one-of-a-kind payment & transaction motor and enhance the instant hotel reservation system for everyone. In order to help the hotel business more easily recover, “We rebranded as Selfbook to deliver our payment option particularly to hotels.”

According to Tiger World, Selfbook is not only modernizing the hotel scheduling procedure, but it also has the potential to improve the scheduling experience for its customers and increase conversion for hotel owners. Selfbook also seeks to remedy a genuine pain situation for merchant Groom, the previous chief of Stripe issuing.

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