Fosun VC, CDH commit $16m to China travel site
Fosun Venture Capital Investment and return backer CDH Venture have invested in a RMB100 million ($16 million) Series B round of funding for Lailaihui, a Chinese online travel operator.
Guohang Wang, the company's CEO, confirmed the deal to local media.
The platform focuses on flash sales - offering goods at a discount for limited periods of time - of overseas travel packages to Chinese customers. CDH invested in a Series A round in February alongside existing investor Unity Ventures.
According to the China National Tourism Administration, outbound tourists reached 37.9 million in the first five months of 2013, up 17.3% year-on-year. Domestic travelers numbered 998 million in the first quarter, an increase of 14.1%, while domestic tourism revenue reached RMB765.7 billion.
Fosun Venture, Fosun Group's VC arm, invested in a Series A round for online travel site Shijiebang in October, with participation from US-based ChinaRock Capital Management.
In June, CDH took part in $100 million Series C funding to Tujia.com, a Chinese vacation-rental site. Other existing VC backers Lightspeed China Partners, GGV Capital, Qiming Venture Partners, and CBC Capital all participated, plus strategic players HomeAway and Ctrip.
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