Fosun VC, ChinaRock back Shijiebang Series A round
Fosun Venture Capital Investment, Fosun Group’s VC arm, and US-based ChinaRock Capital Management have invested in a Series A round of financing for online travel site Shijiebang. Angel investor Jerry Yang, co-founder and former CEO of Yahoo, also participated in the round.
Financial terms were not disclosed but the investment size was said to be more than $10 million.
The new funding will be used to improve service quality, marketing and acquire mobile businesses. The company plans to raise a Series B round early next year, Pinghe Zhang, Shijiebang's chairman, told China Business News.
Launched in March, Shijiebang aims to provide customized and cost-effective tourism services for backpackers. Currently it offers flight tickets, visa application services, insurances, hotel bookings and cruise travel services in over 20 destinations around the world.
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