Convergence Ventures and CyberAgent Ventures have led a $4.2 million pre-Series A round for Indonesian hotel reservation service provider Nida Roomss.
The company - which offers online budget room booking services across Indonesia, Thailand, the Philippines and Malaysia - was valued at about $11 million in the deal. The capital is expected to be applied to expansion efforts within ASEAN markets before a broader international push.
"The Nida Rooms opportunity fit our investment thesis well," said Adrian Li, managing partner of Convergence Ventures, according to Tech In Asia. "They have a strong and experienced team leading the implementation of a new business model developed to address the pain points of cost-conscious travelers around the world."
Currency movements and good performance boost demand for European secondaries
Its previous vehicle, Partners Group Secondary 2011, reached a final close on €2bn in 2012
Both associates joined the mezzanine house in March