China B2B travel site raises $78m Series B round
Lvyouquan.cn, a Chinese business-to-business (B2B) online travel platform, has raised RMB500 million ($78 million) in a Series B round of funding from a group of domestic investors.
The company's backers include E-House Capital, Guangzhou Nan Yue Fund, Haitong Kaiyuan Investment, a PE unit under China Asset Management, and Principle Capital.
Operated by Pipikou Technology, Lvyouquan initially focused on providing marketing and sales services to Chinese travel agencies. The business scope subsequently expanded as travel agencies asked for products from upstream suppliers. The B2B platform now distributes overseas and domestic tours, solo travel packages, cruises and other products. Services cover more than 150 Chinese cities.
The new capital will be used to scale up Lvyouquan's nationwide services. The company plans to expand into new cities, develop mobile marketing solutions for enterprises, and enhance product offerings, Ailing Li, founder of the company, told 36kr.
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