Holiday accommodation provider Sweetome has acquired China-based holiday property manager City Home for an undisclosed amount, allowing internet group Tencent and accommodation marketplace Airbnb to exit, DealStreetAsia has reported.
City Home runs an online platform where travellers can access other users’ properties for short-term stays.
The company reportedly raised $2.5 from Tencent and private equity firm China Broadband Capital in 2017 before Airbnb subsidiary Aibiying added $5m in July 2018. Its investors include Eight Roads Ventures and CBC Capital, according to DealStreetAsia.
Sweetome disclosed the deal alongside its acquisition of a second China-based short-term accommodation platform, iYoujia. It has not disclosed details of past funding but its exiting investors include online travel agencies Trip.com and Tujia in addition to classified listings operator 58.com’s 58 Industry Fund.
