Tencent Leads $82.5M Series C Round For Travel Site 17u.cn

Suzhou, Jiangsu province-based online travel services platform 17u.cn has received RMB500 million ($82.5 million) series C funding from Tencent Holdings‘ Tencent Collaboration Fund, Boyu Capital and Oriza Holdings, according to Chinese media reports.

The founders of 17u.cn will remain its controlling shareholders after the completion of the investment.

Previously, 17u.cn received RMB35 million series A funding from Oriza Holdings in 2008, and tens of millions of RMB in series B funding from Tencent Collaboration Fund in 2012.

The company says it will use the proceeds to expand domestic and outbound travel packages, as well as develop mobile services.

In December 2012, 17u.cn planned to IPO on the ChiNext market in Shenzhen, but withdrew the plan due to weak market conditions.

The Internet travel sector has been a hot spot for private equity investors lately. Last September, Tuniu.com secured US$60 million series D funding from Singapore’s Temasek Holdings and U.S.-based venture capital firm DCM.

Last November, Breadtrip.com raised tens of millions of U.S. dollars in series B funding from China Broadband Capital. Online travel community operator Yododo also received US$4 million in series A financing from Gobi Partners.

China Expert Network