Hoken, a New York-based travel startup, raised $9M in funding.
The round was led by Streamlined Ventures, with participation from BY Venture Partners and others.
The company intends to use the funds to accelerate growth, expand operations and its business reach
Led by CEO Tarek M. Daouk, Hoken is a travel startup that enables forward-selling of inventory, and, as the room is traded, real-time market pricing and insights, ensuring the hotel a higher RevPAR through a revenue share on the trading fees earned. Through Hoken, consumers can purchase a room in advance of an event with flexibility and trade that room if unable to attend or to make a profit. Secondary buyers benefit from booking availability of desirable rooms that sell out quickly.
The company also charges no commissions or distribution costs and covers transaction fees, providing only upsides for hotel partners.
The Hoken marketplace will be launching in the coming days. Catering to large events with hundreds of thousands of attendees, initial events Hoken will offer room access for New Year’s Eve in Times Square, Sundance Film Festival in Park City, SXSW in Austin, Coachella in La Quinta, Art Basel in Miami, and Firefly Music Festival in Dover.
FinSMEs
03/11/2022