Matrix and Greylock boost Chinese app developer with $15m
Matrix Partners China and Greylock Partners have subscribed to a $15 million Series B round of funding for the company behind Chinese mobile application Flights Manager.
Huo.Li, which means ‘vitality' in Chinese, previously received $5 million in Series A funding from Sequoia China. According to TechNode, founder Wang Jiang wrote about the latest venture capital firms' involvement on Sina Weibo, a Chinese equivalent of Twitter.
Local merchant bank China Renaissance acted as the sole financial advisor to the deal.
Flights Manager allows Chinese business travelers to access information about their flights, such as departure time, ticket prices and seat availability. They can also book hotels or check the weather forecast.
Huo.Li, which employs a workforce of 150, is also working on three new applications: Hotel Manager, Maopao.com (which provides a location-based service) and Maopao Paipai, a photo-sharing app.
Matrix China closed its second fund in May on $350 million, bringing its total assets under management in the country to $650 million.
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