Hong Kong might soon get its first billion US dollar startup, thanks to a 25-year-old entrepreneur whose firm leases phones to travelers.
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.
The fundraising is not yet complete and the final figures could change, said the people, asking not to be identified because the information is not public.
Founded in 2012 and led by chief executive officer Terence Kwok (郭頌賢), Tink Labs has more than doubled its staffing to more than 300 people over the past year.
The financing will go towards staff and expansion costs, and is targeting family offices and institutional investors.
In September last year, Tink Labs raised US$125 million at a valuation of more than US$500 million, with backing from Foxconn Technology Group (富士康科技集團), Lee Kai-fu’s (李開復) Sinovation Ventures (創新工場) and Cai Wensheng (蔡文勝), chairman of Meitu Inc (美圖).
While China has an ever-growing bevy of so-called unicorns, Hong Kong startups have been absent from the list, according to data compiled by CB Insights. Hong Kong does not have a single startup valued at US$1 billion-plus, even though it has an advanced economy that is considered one of Asia’s financial capitals.
That dearth stems partly from a cultural norm that favors stable jobs in established companies rather than risky go-it-alone propositions. At the same time, businesses often targeted by startups — such as retail — are controlled by a handful of local billionaires and their conglomerates.
Tink Labs, which puts smartphones in hotel rooms, is aiming to be available in 1 million rooms by next year, 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 about 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.
“Obviously they have some challenges because it’s not suited for every hotel,” Lee said. “Within China, travelers probably don’t have as much to gain. So it’s ideally suited for Hong Kong, Singapore, Switzerland and countries like that.”
Foxconn, which invested via FIH Mobile Ltd (富智康), is working with Tink to provide a new version of its smartphone.
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