Lightspeed China backs online travel agency Lulutrip
Lightspeed China Partners has invested in a Series A1 round of funding for Lulutrip, an online travel agency focused on the Chinese outbound market.
Financial terms were not disclosed. Ron Cao, managing director of Lightspeed, has joined the company's board of directors.
Founded in 2007 with offices in Silicon Valley and Shanghai, Lulutrip is an online platform through which Chinese-speaking visitors can book over 3,000 tours and 2,000 activities in North America and Europe. The company has formed partnerships with local travel agencies and helps travelers develop customized itineraries.
"President Obama's recent decision to make the 10-year multi-entry visa available to Chinese citizens will further accelerate the growth of this market," Jon Jiang, co-founder and CEO of the company, said in a statement.
The new capital will be used for computer and mobile technology upgrades in order to improve user experience.
Chinese outbound tourists will double from 100 million in 2013 to 200 million by 2020, according to a report by brokerage CLSA. The US and France recorded 1.5 million and 1.3 million Chinese visitors, respectively, in 2012 - the highest totals on record. CLSA expects travelers to the US to number 5.7 million by 2020, with a further 3.9 million going to France.
Lightspeed China reached a final close of $260 million on its second China fund in June, exceeding the target of $220 million.
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