Weekend travel startup Viviyoo raises US$1.6 million in Pre-A financing
Online travel startup Viviyoo has received funding of RMB10 million in a Pre-A financing round, from lead investor Charles Xue and other investors.
Online travel startup Viviyoo has received funding of RMB10 million (approx: US$1.6 million) in a Pre-A financing round, from lead investor Charles Xue and other investors Baolong Capital and Innovalley. The funds raised will be used for recruitment, website operations and operational expenses.
Viviyoo founder Vivian Huang and main investor Charles Xue
Viviyoo was founded in 2014 by twenty-something entrepreneur Vivian Huang. It offers trendy and individualistic DIY weekend activities that are convenient, affordable and offer good service. It combines comprehensive information and great value in its main product, a two-day one-night package. Its specialized service takes over time-consuming tasks such as searching, booking hotels and buying attractions tickets.
Viviyoo also launched a “quality products at great prices” strategy to maintain great value for money for its online products and is dedicated to creating a travel platform that let users enjoy weekend getaways effortlessly.
Mr. Xue decided to invest in Viviyoo because of Ms. Huang’s impressive track record in winning investment offers from 50-60 Fortune 500 companies, the fast growth of the startup and the strong outlook for development in the weekend travel market.
Ms. Huang said the weekend travel market is still lacking in depth in development and has low internet penetration. She thinks the Chinese travel industry as a whole lacks specific products that adequately address the changes in consumer demands towards independent travel, connectivity and mobile access. The weekend travel market in China is relatively large with high frequency consumption, low prices and short trip distances, presenting Viviyoo an opportunity to enter the market with weekend travel solutions for office workers.
Viviyoo currently earns profit through business development procurement, sales traffic and from its sales margin. It is now based in Guangzhou and its online products targets Guangdong province but it plans to create an ecosystem in the future and will begin expansion in the national market in the second half of the year.(Translation by David)