On Monday, Lvyouquan, a B2B travel platform from Shanghai-based Pipikou.com, which offers booking, transaction and warranty services for cruises, domestic travel and overseas travel, has completed its B-round financing. It received investment from five investors including JP Investment Group, Guangzhou’s Nanyue Fund, Haitong Securities Company Limited, Principal Capital and Xin Nuo Finance, which will boost Lvyouquan’s valuation up to RMB 500 million (USD 78.3 million).
The money will be used to establish a comprehensive strategic layout in three aspects: speeding up the process of tapping the new market and increasing marketing expenses; further improving the performance of its product service supply chain and user experience; putting more money into promoting the research and development of mobile marketing and distribution technology and thus bringing users more value-added services.
Launched in 2014 , Lvyouquan received RMB 120 million in its A-round financing by the end of 2014 according to Travel Daily. The company’s business now covers more than 150 cities in China, with more than 40,000 B2B travel platform distributors and grows at the rate of ten times per year.