Alibaba, CBC invest $20m in China travel portal Byecity
Alibaba Group and China Broadband Capital (CBC) have committed $20 million in Series B funding for outbound travel platform Byecity.com.
The 15-year-old Beijing-based company said it will use the new funds for promotions and improving user experience.
Byecity differentiates itself from other travel platforms by offering online visa application services for outbound tourists. As of 2013, it provided travel services to more than 400,000 individuals, a five-fold increase on 2012.
"We will expand our visa application services to other areas, in an effort to fulfill self-travelers' needs," said Zengcong, CEO of the company. "Byecity will grow rapidly with Alibaba and CBC's investments."
According to AVCJ Research, Swedish Investor Growth Capital Asia and Jafco invested approximately $10 million in the company in 2008. The travel portal received an undisclosed sum from Taishan Investment in 2011.
Last year, Alibaba invested in travel app ZLS365 and information site Qyer to complement its existing offering, Taobao Travel.
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