The Korea Tourism Organization (KTO) and Singapore-based venture capital firm Velocity Ventures have finalized a Strategic Innovation Partnership to help businesses collaborating with the Korea Tourism Startup Center (KTSC) in Singapore grow throughout Southeast Asia.
Kim Young Hee, Director of KTO Singapore, and Patrick Imbardelli, Founder and Chairman of Velocity Ventures, have signed a Memorandum of Understanding, reaffirming their shared commitment to fostering innovation and growth in the travel and hospitality sector in Southeast Asia.
Additionally, Tripbtoz, a Web3-based Online Travel Agency (OTA) that combines community and commerce elements with user-generated short forms to cater to a market increasingly drawn to video content, has been named as the first Korean tourism startup to get funding from Velocity Ventures.
User-generated content (UGC) video reviews of hotels and tourist destinations are compiled by Tripbtoz’s travel video ecosystem. When reservations are booked through referral links, the site gives customers discount vouchers and loyalty money as prizes. Since more than 500,000 UGCs have been gathered to date, hoteliers and other tourism venues are able to utilize these resources as marketing collateral. Tripbtoz, an online travel agency (OTA) that integrates community and commerce activities and has shown strong financial performance, was founded in 2017 by CEO Jiha Jung.
“It is impossible to overestimate Singapore’s strategic importance as a regional launchpad for Korean tourism startups,” noted Kim Young Hee, Director of Korea Tourism Organization Singapore. As they grow throughout Southeast Asia, up-and-coming Korean tourism entrepreneurs working with the Korea Tourism Startup Center (KTSC) in Singapore benefit greatly from the guidance and plenty of experience provided by Velocity Ventures’ leadership team.
Tripbtoz CEO and Founder Jiha Jung stated, “We plan to fully localize our sales and marketing through the establishment of an entity to oversee the Southeast Asia market, with a major mobile app redesign scheduled for later this year.” Our next phase of expansion is to broaden our reach and assist hotels throughout Southeast Asia in interacting with our user communities. Currently, we have direct contracts with 3,000 hotels in South Korea and Japan. Tripbtoz is a tool that travelers may utilize at every step of their journey: from finding inspiration for travel to writing reviews or uploading memories, Tripbtoz’s UGC video content ecosystem unleashes the power of community and commerce. We have no doubt that Generation 2030 travelers will “play, share, stay” through social content travel storytelling.
“Investing in the thriving tech startup ecosystem in Southeast Asia’s travel industry isn’t just about nurturing innovation; it’s about propelling the future of travel,” stated Nicholas Cocks, Managing Partner at Velocity Ventures. We think that by helping these innovative Korean tourism firms lead the way in technology here in Southeast Asia, they will be able to address some of the major issues facing the sector. Accepting change is not only a decision; it’s a means of influencing how travel is done in the future.
Over 90 Korean entrepreneurs have taken part in KTO’s Tourism Startup Global Challenge Programme since its launch in 2020. The program’s goal is to enable Korean startups in the tourism sector to enter foreign markets and gain access to funding and industry support in order to find partners.
The selection of the 2023 StartUp Global Challenge Program winners, who will have access to a support network at the Korea Tourism Startup Center in Singapore, was made possible in large part by Velocity Ventures. Velocity Ventures, an affiliate partner in the program, assists in mentoring Korean tourist startups.
Source- Travel daily