Cncn Travel is to close series B round
Cncn Travel is close to completing its series B round. Whether the company will speed up its expansion after the capital injection remains to be seen.
ChinaTravelNews has verified on June 17 with Cncn Travel, a B2C and B2B comprehensive service provider, that its B-round financing is close to completion. This followed unconfirmed reports on the same day that the company had recently closed its series B round and raised hundreds of millions yuan.
Cncn had 65% of its stake acquired by Tempus Global for RMB 195 million in October 2014. Tempus Global is an integrated travel platform focusing on air ticketing and travel management services in China.
Xiamen-based Cncn, founded in 2009, operates B2C cncn.com for travel bookings by travelers, and the B2B cncn.net platform for transactions of travel companies.
Two other B2B platforms had completed their funding rounds earlier – Lvyouquan raised RMB 120 million from Principle Capital, China AMC and Haitong Securities in its B-round financing in December 2014, while Octopus Travel received RMB 150 million in its series A round in November 2013.
Both Lvyouquan and Octopus offer subsides as their strategy to quickly expand their turnover scale, but Cncn takes a more understated approach and manages to stay in the black by natural growth without big budget on marketing or rebates.
Whether Cncn will change its strategy to quickly build turnover scale after its gets more capital remains to be seen. （Translated by Jerry）