Legend Star invests in China vacation rentals site Zhubaijia
Legend Star, a Chinese incubator program launched by Legend Holdings and the Chinese Academies of Sciences, has invested $1 million in Zhubaijia, a Chinese vacation rentals website.
Much like US equivalents Homeaway and Airbnb, Zhubaijia is a vacation rentals platform where users can rent out their second homes on a short-term basis to Chinese tourists. Founded in 2012, Zhubaijia operates several thousand rental apartments in Hong Kong, Taiwan, US, UK, Australia, Thailand and Singapore.
The new funding will be used to improve the company's service, branding and help it build a stronger team, Hengde Zhang, CEO of Zhubaijia, told local media.
Legend Star launched its angel investment fund in 2008 with a corpus of RMB400 million ($64 million) to back technology start-ups with funding and training. By the end of 2013, it had invested RMB250 million in more than 50 early-stage projects.
A number of vacation rentals services has attracted VC backing in the past. Two months ago, Tujia.com received $100 million in Series C funding from China Renaissance Capital and number of existing strategic and VC backers.
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