Travel utility app There Travel raises US$1.9 million angel investment
There Travel has received an angel investment of RMB12 million that it plans to use to fine-tune its products and develop the market, according to its CEO Ning Shi.
Travel utility app There Travel has received an angel investment of RMB12 million (approx: US$1.9 million) that it plans to use to fine-tune its products and develop the market, according to its CEO Ning Shi.
There Travel is a utility app for outbound travel service consisting of three main modules. The first module is a Chinese-language global navigation tool with a location-based service function to search for public ratings of nearby attractions and dining facilities.
The second module is a tool to facilitate tour group operation with functions to set meeting places and to identify the location of each group member by the tour leader or tour guide.
The third module is a travel log that automatically generates at real-time the timeline and itinerary of the tour based on group members’ itineraries and sharing functions.
Mr. Shi said that as OTAs are dominating the market, offline tour operators are gearing up for change and improve the service quality of their tour travel. By helping tour operators transform their services with technology such as the meetup function, There Travel’s will effectively take over an untapped market segment. “Regardless if it is used for tour groups or by independent travelers, our app is a great tool to make the job of the tour guide or team leader easier with information,” he said.
He said There Travel first introduced its products with the intention of helping out senior travelers. Its meet-up function is designed to help the parents of Chinese students abroad to not get lost when traveling unaccompanied, and also allow those students to track their parents’ itineraries.
Mr. Shi said There Travel has mainly attracted funding through its novel product ideas, and pioneering untapped market segments has been their secret weapon in attracting investors.(Translation by David)