IT-based integrated lodging solutions company The Hyoosik said on Monday it raised 65 billion won in pre-IPO funding from TS Investment and VIP Asset Management.

The Hyoosik's cumulative funding rose to 107.8 billion won.

Founded in 2019, The Hyoosik has provided integrated lodging solutions that cover the entire lodging business process.

It starts with data-based feasibility analysis and provides hotel project management, space planning and construction, outsourced operations, hotel management IT solutions and unmanned monitoring. The company said this reduces project time and costs compared with the conventional approach of splitting work among multiple providers, and creates a virtuous cycle by reusing operational data in feasibility analysis for the next project.

Including its own brand, Aneuk, The Hyoosik has handled PM, operations and consulting for more than 300 lodging facilities nationwide. It has also provided hotel management IT solutions to more than 1,300 lodging facilities.

Building on the funding, The Hyoosik plans to invest up to 100 billion won by 2027 and form partnerships with institutional investors such as asset management firms. It plans to apply its integrated lodging solutions, including hotel PM and operations, to expand its presence in 3-4-star hotels. It is targeting an initial public offering in 2028.

The Hyoosik plans to expand cooperation with global hotel brands such as Marriott International and Hilton Worldwide and accelerate entry into the 3-4-star hotel market.

Hyun-wook Shin (신현욱), co-CEO of The Hyoosik, said, "This funding reflects recognition of The Hyoosik's business model that connects the entire lodging business process into one, and its growth potential." He said, "Based on the competitiveness we have built in the small and mid-sized hotel market, we will establish ourselves as a leading company in the 3-4-star hotel market as well through cooperation with global hotel brands."