Chinese Travel Search Engine Qunar Raises $15 Million
Lots of activity in China’s burgeoning online travel industry. Travel search engine Qunar has raised $15 million in funding in a round led by GGV Capital. Mayfield Fund, GSR Ventures, and Tenaya Capital also participated in the round, according to investment research firm JLM Pacific Epoch, which cites local media reports.
The big funding round comes only two weeks after Expedia-subsidiary TripAdvisor bought up rival travel site Kuxun.cn for more than $12 million. Both Expedia and Qunar’s backers are betting that the Chinese travel industry will continue to boom, along with the Chinese economy. The domestic tourism market in the country has grown nearly 10 percent each year for the last two years, according to Dow Jones Newswires. JLM Pacific Epoch says Qunar plans to use the money for “branding, marketing and market development.”