Meet IZY.ai - a travel tech startup who just closed a Seed round!
What is IZY.ai all about?
IZY.ai provides a flexible mobile concierge platform for hotels that allows hotels to digitize all of their services and boost revenues from guest consumptions. With hotels facing the new normal right now, going digital and contactless are the strategies that have been strongly endorsed by the World Tourism Organization (UNWTO) to enhance safety measurements for all travel and tourism stakeholders.
Not only does IZY.ai enable hotels to provide contactless experience to hotel guests, but we also help to streamline communications between guests and hotels and maximise revenues from guest consumption. Hotels can adopt full digital transformation using IZY.ai - from the pre check-in process, real time news and promotion blasts, to ordering hotel services. All while still maintaining personalised ‘touch’ to their valued guests. Guests can also stay connected 24-7 with the hotel with extra peace of mind in terms of safety and hygiene during their hotel stay.
Can you tell us a little bit about your recent capital raise?
We’ve just raised our seed round which included institutional investment from Accelerating Asia, Indigo by Telkom Indonesia and Arkblu Capital.
In terms of what we’re going to do with the new capital. We raised enough funds to give us the necessary runway in order to achieve our growth target which will allow us to raise one bigger round by next year. Our aim for this next round is to solidify our product and market share in the region as well as to initiate overseas expansion by the end of 2021.
As a travel tech company, how did you raise funds and close a round in the current climate?
For us, as a travel tech startup, Covid-19 had an impact on our fundraising efforts especially since most of our hotel partners were closed during the pandemic. Yet, we also noted that the ‘new normal’ in travel has also strongly boosted the needs for our product especially from hotels. Despite the uncertainty we are still acquiring hotels through video calls and demos (due to the lockdown) as well as receiving organic inquiries not only from various cities in Indonesia, which is our current main market, but also from other countries such as from Singapore, Malaysia, Vietnam, India and even Tanzania! This shows one strong momentum for us in the market and also one reason why our current investors believe in us so that we are able to close the current round.
What was your experience like in the Accelerating Asia program?
The Accelerating Asia program has helped us to improve immensely in terms of business, product and fundraise. Being part of the program opened up our perspective and taught us all the necessary knowledge in growing our startup. Not only from the mentors, but also from fellow startup founders in the program where we also learn to share and help each other while building one strong global network. Our favourite session would be the 1-1 mentorship sessions since these allowed us to build relationships with various people that have helped us grow.
Why would you recommend someone join Accelerating Asia?
Two main things: know-hows and network.
Through the program, you’ll learn a lot of practical know-hows that will prove to be beneficial in growing your own startup - on business, product and fundraising. Another most important reason is that by joining the program, it allows you to grow your very own personal network - from fellow startup founders, mentors and investors.
Who are some of IZY’s partners?
Right now, we are focused on Indonesia where most of our partners are located in Bali and Lombok region - consisting of reputable hotels, resorts and private villas. Since our launch in November 2018, we have acquired more than 8,400 hotel rooms with commitments from 5 of the largest hotel chain operators in Indonesia, operating more than 40,000 hotel rooms across the region. We also partner with some other reputable startups and hotel system providers in order to pursue our vision of creating one seamless hotel ecosystem.