Tujia, China’s Airbnb, in talks to raise more than $200 million
Tujia.com, the Chinese equivalent of U.S. home-rental firm Airbnb, is in talks to raise more than $200 million in its latest funding round.
Tujia.com, the Chinese equivalent of U.S. home-rental firm Airbnb, is in talks to raise more than $200 million in its latest funding round, a person familiar with the matter said.
The proposed deal, which comes less than a year after Tujia’s previous $100 million funding round in June 2014, is the latest indication of just how much money is flowing into China’s booming technology sector.
Beijing-based Tujia has set $200 million as the minimum fundraising target, and the actual size of the deal could be well above $200 million, the person said.
Melissa Yang, Tujia’s co-founder, declined to comment.
Like Airbnb, Tujia connects property owners with travelers seeking cheaper alternatives to hotels. Users can post listings of properties that can be hired out for holiday or business purposes. Tujia also provides offline services such as housekeeping to make sure properties are kept clean.
Tujia’s existing investors include GGV Capital, Lightspeed China Partners, Qiming Ventures, CBC Capital and CDH Venture, as well as U.S. vacation-rental service firm HomeAway.com and Chinese online travel company Ctrip.
Tujia was founded in 2011 by Ms. Yang, who had previously worked at Microsoft and online travel firm Expedia, and Justin Luo, a former top executive at Chinese real-estate company Sina Leju.
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