China vacation homes rental start-up gets Series B funding - Update
Tujia.com, China’s first online vacation homes rental service, has secured a Series B round of financing led by GGV Capital. Lightspeed China Partners, CDH Investments, Qiming Venture Partners, CBC Capital also participated alongside strategic investors Ctrip and Homeaway.
The value of the investment hasn't been disclosed but Tujia has now raised RMB400 million ($64 million) across two rounds of funding. The first round, which came in May 2012, was led by Lightspeed and featured CDH, Ctrip and Homeaway.
Tujia will use the capital to expand its business into more cities and improve overall service quality by deploying more resources in R&D, marketing and product offerings. It currently offers nearly 400,000 rental properties in 65 Chinese cities and 45 foreign cities.
The company was founded in December 2011 by Luo Jun, former joint CEO of NASDAQ-listed China Real Estate Information, and Melissa Yang, CTO of US vacation rental platform Escapia. The core team is drawn from companies including Microsoft, Tencent Holdings, eLong, Dianping and Google.
"China's online travel market has tremendous opportunities. The high quality of innovative leisure tourism and business travel products are the highlight of growth," said Jixun Foo, CEO of GGV. "We believe in the management team with rich industry knowledge and experience, Tujia will become China's household consumer brand."
China Renaissance acted as exclusive financial advisor on the transaction.
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