Thailand saw a record high number of foreign visitors – 32.6 million – in 2016, which is important as tourists account for 10 percent of the nation’s GDP.
Hoping to ride this wave is Favstay, an Airbnb-esque service. The #startup just got a huge boost, attracting US$2.9 million in funding led by upscale Thai hotel chain Dusit International. 500 Startups and a bunch of undisclosed strategic investors also threw in some cash.
Dusit, with its four brands, now has 29 locations across Thailand and nine other countries.
One of Favstay’s duo of co-founders is Natavudh “Moo” Pungcharoenpong, a big name among Thailand’s tech industry as the founder and CEO of Ookbee, a hugely popular ebook store. Favstay now has 5,000 property listings, mainly in Thailand’s travel hotspots, but there are also a growing number in Laos and Vietnam.
Moo announced the news on Facebook last night. We’ve contacted him for further details and will update if we hear back. In the meantime, see his AMA from earlier in the year.