Hotel-targeted startup on track for US$1 billion valuation
Hong Kong – 6 April 2017 –
Hong Kong may soon get its first billion-dollar startup, thanks to a 25-year-old entrepreneur whose company leases phones to travellers, Bloomberg reported.
Tink Labs Ltd is in the process of raising about US$40 million and aiming for a valuation of more than US$1 billion, according to people familiar with the matter.
Founded in 2012 and led by chief executive officer Terence Kwok, Tink Labs has more than doubled its staffing to more than 300 people over the past year.
In September, Tink Labs raised US$125 million at a valuation of more than US$500 million.
Tink Labs, which puts smartphones in hotel rooms, is aiming to be available in 1 million rooms by 2018, according to documents seen by Bloomberg. The company’s phones can be used by hotel operators to promote their services, either in the room or when taken out by guests as a free-to-use city guide and mobile device. The startup has around 120,000 smartphones, named Handy, installed in hotel rooms operated by major groups including Starwood and Accor, and marquee locations such as The Ritz, London.
Foxconn, which invested via FIH Mobile Ltd., is working with Tink to provide a new version of its smartphone, which will allow users to control in-room entertainment.