Landmark deal in China – B2B online travel service 8Trip raises $24.6 million

8Trip, a China-based online travel service which connects suppliers with sellers, has raised $24.6 million from Vision Knight Capital and SoftBank China Capital (SBCVC).

Founder and CEO Yuan Dong says the fund will be used to improve the online platform and user experience to serve tourism industry partners better.

The company claims that the funding is the largest injection of capital so far in the B2B travel sector in China.

Currently, 8Trip covers the markets of Wuxi, Nanjing, and Anhui in China, and it is planning to enter Shanghai market next year.

The company has partnerships with about 1,000 travel agencies and more than 4,000 service outlets.

Vision Knight Capital’s investment portfolio include 91500wanAllyes, and PPS. SBCVC’s investment portfolio include Alibaba, Taobao, and Focus Media.

Partner of Vision Knight Capital, Wei Zhe says the company invested in 8Trip because it is bullish on the potential of the B2B tourism market as well as the innovation and executive power of the 8Trip team.

8Trip was founded in December 2011 under the company name Octopus Online Tourism Development, with headquarters in Suzhou.

Recent developments in China online travel market include metasearch service Qunar’s IPO, outbound travel service provider Shijiebang’s $10 million Series A funding, online travel agent eLong announcing $100 million fund to back mobile projects, and online holiday packages provider Tuniu’s $60 million Series D funding.

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Karthick Prabu

About the Writer :: Karthick Prabu

Karthick was general manager for Tnooz in Asia until September 2014.

 

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