Tuanyanwang.com (meaning group dinner in Chinese), a booking platform providing one-stop banquet services for both individuals and businesses, has raised tens of millions of yuan (more than USD 1.46 million) in its Series A+ financing round. The round was backed by Technology Transfer Ventures, subsidiary of CTG(Chengdu Technology Transfer Group).
Founded in 2014, Tuanyanwang.com has more than 150 employees at present. It leverages data and AI to make its offerings more intelligent.
Tuanyanwang.com has listed thousands of hotels on its website and operates a range of banquet halls. It attracts customers through the online platform and uses big data analytics systems to find matching venues precisely.
The company closed an angel round and raised millions of yuan in early 2016, then brought in RMB 10 million (USD 1.46 million) in its Series Pre-A round in early 2017 backed by Qi Dian Capital. Tuanyanwang.com landed its Series A round in the same year in 2017. It claims a customer base of 200,000 individual and corporate users.
Guochang Liao, CEO of Tuanyanwang.com, said the funds will go towards expanding its team, product renewal, data and brand upgrades and developing talent. Tuanyanwang.com has operations Chengdu, Chongqing and Xi 'an, and will expand to more cities such as Zhengzhou and Wuhan.