Online radio platform Qingting.fm receives USD 151M for Series E
Founder: Zhang Qiang
Founded in: 2011
Financing status: RMB 1 billion (USD 151 million) for Series E financing in 2017
Online radio platform, Qingting.fm, received USD 151 million for Series E financing round on September 22 to prepare for an IPO.
Qingting.fm is an online radio platform that pulls together a wide variety of audio content from all over the world, including broadcasts from more than 3,000 radio stations, audio books, magazines, and newspapers, as well as some original programming. Qingting.fm covers music, technology, journalism, finance, business, fiction, and other areas. There are UGC (User Generated Content) and PGC (Professional Generated Content) on the platform. It enables users to upload their own content to build their personal radio channel, and works with other professional partners to promote their content to attract users.
Founded in 2011 in Shanghai, Qingting.fm has about 300 million users from around the word, with 12 million of them active daily. On average, they use 120 minutes each day. Additionally, Qingting.fm has launched several premium radio programs that millions of users pay to subscribe to.
This new financing round was from an undisclosed group of investors. Previously, it received funding from Sinovation Ventures, Youku, and others. The capital will be used to broaden its revenue from premium radio programs, as well as prepare for an IPO.
Online travel agency Lvmama receives USD 151M for financing
Founder: Hong Qinghua
Founded in: 2008
Financing status: RMB 1 billion (USD 151 million) for financing in 2017
Online travel agency Lvmama received USD 151 million for financing on September 21 to to combine industries and financing in tourism industry development.
Lvmama is an online travel agency that provides comprehensive travel services, including reservation services such as tickets for scenic spots, resort hotels, travel, domestic travel, outbound travel, transportation, and customized business travel. Moreover, Lvmama established branches and some subsidiaries in 110 cities across China, offering services for domestic tourist destinations and regions and forming in-depth and one-stop Online travel O2O services.
Founded in 2008 in Shanghai, so far Lvmama has grabbed over 700 million downloads and about 50,000 partners all over the world. By 2016 according to Lvmama, it covered more than 10,000 scenic spots, ranking first in 5A-class scenic spots coverage among online travel agent industry.
This new financing round was from its new partner, Respublic Group, a financial service provider in Shanghai. Lvmama plans to use the fund to combine more industries and financing in tourism industry development, improve customer travel experience by using the Internet technologies, as well as invest in market expansion plans.
(Top photo from 699pic.com)