Alibaba, CBC Invest $20M Series B Round In Byecity.com

Beijing-based O2O (online-to-offline) outbound travel service provider Byecity.com has received US$20 million series B round of funding from Alibaba Group and China Broadband Capital (CBC), according to Chinese media reports.

Byecity previously received tens of millions U.S. dollars series A funding from JAFCO Asia and Investor Growth Capital in 2008.

The company says it will use the proceeds on Internet building, brand promotion and service experience upgrade.

Founded in 2000, Byecity provides services including visa processing, abroad traveling and business tours. The company says it provided services for 400,000 travelers in 2013, up 471% than 2012 and 1233% than 2011.

Alibaba has made a number of investments in the online travel market. Last April, the company made an investment in online travelogue service 117go.com. It made a strategic investment in outbound travel site Qyer.com for an undisclosed amount last July.

CBC is founded by former CEO of China Netcom Group, Edward Tian. It has invested in numerous Chinese tech companies including Evernote, CSDN and Yongche.com.

 
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