ilvxing.com raises US$10 million in Series A financing
ilvxing.com has received US$10 million investment from Haitong Innovation Capital Management Co Ltd in its series A financing.
TravelDaily - China's last-minute online travel bookings pioneer ilvxing.com has received US$10 million investment from Haitong Innovation Capital Management Co Ltd in its series A financing.
“iluvxing.com started in July 2013 and is the first company in China to offer global last-minute travel bookings online. Our monthly sales have reached RMB20 million and it is growing at a rate of 50%,” says CEO Wei Yuan.
The company with more than a million registered users offers over a hundred destinations in North America, Europe, Southeast Asia, and Australia. It handles bookings for almost a million trips every year, sending thousands of families on relaxing DIY holidays.
“We will use the funding from this round of financing to stay ahead of competitors in 2015, improve the standardization of our services, carry out a full revamp of our supply chain system, upgrade our human resources and expand our inventory,” says Mr. Yuan
Mr Yuan, a 15-year veteran in the travel industry, instinctively saw a great business opportunity in offering last-minute bookings and founded ilvxing.com. His partner and company co-founder
Yang Liu is also a travel industry veteran known for his successful online travel startup Qiantuan.com. Mr Liu became ilvxing.com’s CTO when it merged with his Quantuan.com in January this year. (Translation by David)