Huang Bao Che Trip (HBC), an online platform that offers Chinese tourists chauffeur and tour guide services worldwide, announced on Tuesday that it has raised US$50 million in a series C+ round of financing led by the government-guided investment firm Shenzhen Venture Capital.
HBC, founded in December 2014 and also known as "Hi Guides," mainly provides tour packages, airport pick-up, car rental, and travel guide services for outbound Chinese tourists. Operated by Beijing Chuncui Travel Co Ltd, the firm has connected more than 100,000 local guides with over 10 million Chinese travelers across about 1,800 cities in 90 countries worldwide as of the first quarter of 2019, according to the company’s website.
Proceeds of this round will be used to lift users’ travel experience, enhance the overseas travel service system, and speed up the construction and improvement of our travel platform, said the company founder Meng Lei cited by Chinese online publication PEdaily.cn.
HBC raised US$50 million in a series C round led by Sequoia Capital China in March 2018. The company also closed RMB210 million (US$30.52 million) in a series B+ round led by Matrix Partners China and Guangfa Xinde Investment in 2017, after it raised RMB120 million (US$17.44 million) in a series B round led by Founder H Fund in 2016.
In September 2015, HBC secured RMB48 million (US$6.98 million) in a series A round led by SSC Fund with participation from investors including Gobi Partners.