Weekend trip platform Duzhoumo raises US$20 million
Duzhoumo has received funding of US$20 million in the A Series financing round. The investment is led by Legend Capital and participated by Banyan Capital.
Duzhoumo, an online platform specializing in weekend trips, has received funding of US$20 million in the A Series financing round. The investment is led by Legend Capital and participated by Banyan Capital, Zhongwei Capital, Peeli Ventures and eGarden Ventures.
Duzhoumo focuses on producing weekend itineraries and lifestyle plans for customers as well as providing related products. Its founder and CEO Huajun Mei has over seven years of work experience in the online travel industry, including stints in major players Ctrip and LY.com. He categorizes weekend travel as rural getaway trips and urban excursions and feels that the majority of weekend travel products on the market lacks individuality, quality or style that urban dwellers are seeking. He hopes Duzhoumo will be able to make the perfect weekend experience for all users.
Duzhoumo launched its app last November. A majority of its initial products target users looking for weekend getaways. Users first select “hotel + attractions” products and then choose from the additional offerings to design their own ideal weekend trip.
Duzhoumo initially implemented a strategic loss business plan to build up users. “We offered subsidies of RMB300-RMB400 per transaction for some of our products and even more for others,” Mr. Mei said. In order to increase user retention, Duzhoumo also offered weekly special discount offers at random intervals to motivate users to login each day in the hopes of snagging a bargain
Duzhoumo will use the majority of the funds raised in the financing round to do mass marketing and increase brand awareness. It will also improve and expand its product range and its weekend trip product’s regional scope from eastern China to include southern China as well.(Translation by David)