Xiangmengyou (XMY), a Chinese custom travel agency, has received millions of yuan (more than USD 1.5 million) in its Pre-A funding round. The funds will be used for business development.
Established in 2016, XMY relies on social customer relationship management (SCRM) to attract Gen Z consumers. By hosting 40-80 live events monthly, XMY claimed that it has acquired 70 million users.
According to Mr Shiping Peng, Founder of XMY, the average value per customer transaction for the company’s custom travel business stands at RMB 3,000-4,000 (USD 466-621). Before the pandemic hit, XMY recorded an annual revenue of RMB 600 million (USD 93 million) in 2019. The profit comes from price differences and commissions from providers, Mr Peng says.
Apart from custom travel, XMY has also invested in cruise tours and cross-border e-commerce.
