Travel service Lvmama confirmed raising RMB over 100m (US$15m) from South River Capital and Sequoia in Series C funding.
Founded in June 2008, Lvmama is one of the largest DIY traveling site providing users with tour information and travel booking service including discount entrance tickets, hotels and so on. The site is seeing tenfold increase yearly.
Lvmama raised RMB tens of millions from HuaQiao Capital and DoJane Capital in Sept, 2009 and RMB about 100m from Sequoia and CDHfund in late last year.
According to a report, Chinese online tourism market size will reach RMB68b ($1b) in 2012 with huge growth and potential.
As of now Lvmama boasts a use base of over 1 million, and brought in over RMB200m ($31m) in annual sales.
Tuniu.com, one of Lvama’s closet competitors claims 500,000 active users with over RMB400m ($62m) in last year’s sales. Its founder Yu Dunde predicted that the company will record RMB1b ($156m) sales in this year.
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