Rewards startup Affinity China receives incubation funding
Affinity China, the loyalty, reward and lifestyle network targeting Chinese overseas travelers, has raised $600,000 worth of seed funding from venture capital firms RRE Ventures and 500 Startups, alongside strategic investor Loeb Enterprises.
This is Affinity China's first funding round, and comes months after the company rolled out its beta launch. Affinity China provides exclusive offers from global brands to Chinese consumers traveling overseas. These deals range from a weekend in the Hamptons with Hinckley Yachts to a private reception with Women's French Open champion Li Na at New York's Mandarin Oriental.
The capital will be used to expand the company's brand partnerships, technology build out, content development and member acquisition, Affinity China's CEO Christine Lu said.
According to the company, the mainland's luxury market is worth more than $26 billion, and approximately half of those dollars are spent while traveling outside of China.
"Affinity China is connecting a global audience of affluent consumers with amazing online and offline experiences that bring the world closer to their doorstep," 500 Startups' Dave McClure said in a statement.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.