Baoku, Chinese business travel & expense management solution provider, recently confirmed on its microblog that the startup raised nearly $10 million of Series A funding from CBC and AsiaInfo Linkage without disclosing the detailed amount of the financing.
Founded in 2007, the Beijing-based SAAS startup builds web-based corporate travel management systems that ensure policy and regulatory compliance, sales platforms for airlines and traveling agencies, as well analytics systems.
The company currently provides services to more than 2,000 Chinese companies – including Air China, AsiaInfo Linkage, medical equipment manufacturer Smith & Nephew, helping them save up to1.8 billion yuan ($290 million) in travel expenses, according to Baoku. The startup is also the ticket platform developer of Air China, Shenzhen Airlines and Hainan Airlines, etc.
The company’s sales exceeded 1.8 billion yuan last year. In addition to web-based solutions, Baoku also launched an app to tap mobile market, but the firm will continue to focus on 2B business.
Acording to data from Global Business Travel Association, spending on business travel originating in China hit $235 billion in 2013 and China is expected to overtake the U.S. to become the world’s largest market for business travel this year.
image credit: Baoku