Haoqiao.cn, a China-based accommodation booking platform backed by media firm International Data Group’s local venture capital affiliate IDG Capital, has raised RMB120m ($17.5m) in series B+ funding, China Money Network reported on Tuesday.
The capital was provided by China Merchants Capital Investment, an alternative investment subsidiary of state-owned holding company China Merchants Group, and the small and medium sized enterprise fund run by the Chinese government.
Founded in 2013, Haoqiao operates an online platform that allows business users to search and book hotels internationally. Customers can select options from a network of some 550,000 sites across 2,000 cities.
IDG Capital made a seven-figure RMB investment of undisclosed size in Haoqiao in 2013 and returned to supply an undisclosed amount of series A funding the following year. Investment firm Shun Hei Capital then invested approximately $8m in the company.
The deal represents the second investment to be made by China’s SME development fund in the sector so far this year. It took part in a RMB17m round closed by online flight and business travel booking platform Meiya last month alongside venture capital firm Fortune Capital.