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Travelzen Lands $92 Million In China’s Largest B2B Online Travel Funding Round
Travelzen, an international online travel product integration platform, has completed a 600 million yuan (around $92.5 million USD) C round from a consortium composed of Addor Capital, United Capital, Jinpu Innovation Consumption, Everbright Fuzun, Tech Sina reported.
Before this round, the firm received two funding rounds in 2010 and 2014 for a combined ‘tens of millions’ USD.
Launched in 2007 in Hong Kong, the company merged with Shanghai Ever Bright Town Intl Travel Service Co., Ltd., China’s top agency for air ticketing, in 2011 to integrate resources from both sides.
The startup shifted from a B2C to a B2B model in 2013 with the launch of in-house travel platform Tdxinfo, a one-stop service provider for plane tickets, Visa application services, hotel reservations and liner tours.
The funds raised in the latest round are earmarked for Tdxinfo to strengthening investments in airline and liner services as well as fueling an expansion to more regions in China.
The company did not immediately respond for comment.
This financing round is the biggest fundraising amount for a B2B travel service in China’s history. Investors’ willingness to take bold bets on Travelzen underlines their approval for the B2B model. The market also includes many domestic players including Shijie99, 8trip and Ziztour.
Image Credit: Travelzen