Hotel cloud-computing firm Titan completes C round financing
Chinese hotel cloud-computing service firm Titan received around USD 15 million in its series C round funding. The company will use the proceeds to double down on technological innovation and business expansion.
Chinese hotel cloud-computing service provider Titan announced that it has received around RMB 100 million (USD 15 million) in its series C round funding, invested by Chunxiao Capital and Zhuhai Kechuangtou (meaning technology startup investment in Chinese). The company closed its C round financing in April and raised an undisclosed sum.
The angel round in July 2014 delivered USD 1.5 million (RMB 10 million) to Titan, followed by USD 9.1 million (RMB 60 million) in its series A round invested by Ivy Capital, Shuyuan Investment and Qingsong Fund in May 2015. In the B round in April 2016, Titan gained an additional USD 24 million (RMB 160 million) from Chunxiao Capital, Phoenix Tree Capital Partners, Realize, Haode Capital and Bojiang Capital.
Mr. Qing Xu, Founder and CEO of Titan, told ChinaTravelNews that its series C round financing was initiated in the third quarter of 2017 and completed in the second quarter of 2018. The company will use the proceeds to double down on technological innovation and business expansion to further develop its services to the hotel supply chain.
Titan focused on online hotel reservation prior to its series A round, mainly providing SaaS and transaction-facilitating cloud services. The company later unveiled an updated version of its cloud-based SaaS destination marketing system to service local tour operators at holiday destinations, targeting ground handlers, resort hotels and inns as its clients.
Mr. Xu said that the company aims at boosting its operating revenue by three to five times this year. Titan currently reports a monthly net loss of around RMB 1 million (USD 150,000) but expects to break even in the third quarter this year. (Translated by Jerry)