Online hostel booking platform QmanGo completes a new round of investment
Online hostel booking platform QmanGo has won investment from Million Tons Capital and KeyTone Ventures in its latest investment round.
Online hostel booking platform QmanGo.com has completed a new round of investment involving Million Tons Capital and KeyTone Ventures.
It is reported that the company raised multi-million dollars from KeyTone Ventures in its series A round funding in 2013, and was spun off from manGocity.com to operate as an independent company.
Non-standardized accommodation sector boosted by policy support
As the investment frenzy in the online travel market cools after waves of investments in outbound travel and B2B travel platforms, the standardized accommodation sector is facing sever challenges such as shrinking market due to global economic downturn and the lack of diversity and differentiation.
On the contrary, the demand for non-standardized accommodation has been growing rapidly in recent year, along with the onset of the Internet Plus age, as people prefer unique and accessible accommodation with personalized services catering to guests’ needs for socializing. The development of non-standardized accommodation will be boosted by the Chinese government’s policy calling for “active development of homestay business and short-term rentals”.
QmanGo estimated that there will be more than 600,000 non-standardized accommodation in 2016 as consumption power grows. This doubles the inventory of 300,000 non-standardized accommodation in China in 2014.
QmanGo introduces “Hostels Plus” concept
As of now, QmanGo is cooperating with more than 100,000 non-standardized accommodation operators, ranking top in the niche market.
In addition to free PMS and other information tools, QmanGo will also use the “Hostels Plus” platform to enhance its support for operators in branding, improving service quality, providing financial tools and value-added services as well as staff training. (Translated by Claire)