Asiatravelmart raises US$10 million in third round financing

SINGAPORE - Asiatravelmart.com recently closed its third round of financing with US$10 million. On the investment slate are Merrill Lynch, Citicorp, Asia Java Fund, AsiaTech Ventures and Shun Tak Holdings.

The bulk of the funds raised will go to boost its branding, marketing, promotion and business development activities including acquisition costs. The company is also looking at system development and R&D.

With the third round funding closed, Alex Kong, Chief Executive Officer of Asiatravelmart.com said, "This is especially remarkable in view of the current "dotcom" bust. The funds will be used to further our expansion plans and continue our lead in the e-travel industry."

Asiatravelmart.com was launched in Malaysia, Singapore and Hong Kong in August 1999. The company's proprietary ePartners program, developed in March 2000, has over 7,000 ePartners including Lycos Asia and Global Sources.

Asiatravelmart.com will be focusing on establishing international strategic partnerships and developing more innovative online services to inculcate a 'net-booking' culture.

"Asiatravelmart.com has stayed faithful to our original vision - placing full control in the hands of our users in the evolving Net world. It is all about control, simplicity and a new lifestyle for the consumers. Electronic commerce has truly invaded our societies and the way we live and Asiatravelmart.com is well-positioned to meet the needs of the consumers in this new economy," added Kong.

Asiatravelmart.com's first-time investor, John McLean, CEO of Citicorp Capital Asia Limited chose to put its money with Asiatravelmart due to its proven track record in a competitive industry. "Asiatravelmart.com has demonstrated its superiority against its competitors and is clearly the market leader in e-travel. We are particularly impressed with Asiatravelmart.com's unique business model," said McLean.