China’s Zhiketong closes $42m in series C funding round led by China CYTS Tours

Photo: Reuters

China-based marketing SaaS firm Zhiketong has raised $42 million in a Series C funding round led by one of the largest tour companies in the country, China CYTS Tours, according to an announcement.

Other investors who participated in the round include Sequoia Capital China, IDG Capital, Shunwei Capital Partners, and Vision Plus Capital.

The funding will be used by the company to spruce up its technology innovation and expand its product portfolio.

Founded in 2014, Zhiketong provides services to enable four and five-star hotels and popular scenic area to acquire customers, improve retention and its business expansion with lower costs.

Utilizing its “SaaS Transaction System + Service” model, Zhiketong assists companies to establish a direct-sale store on WeChat, a messaging and payment platform.

Zhiketong also provides services, including digital marketing solutions, consulting and operating service, marketing channels, advertising, and comprehensive data analysis.

For China CYTS Tours, the investment in Zhiketong will help promote its direct visitors to its websites.

Previously in June, the startup raised $15.98 million in a Series B funding round led by Shunwei Capital, a VC fund that focuses on early-stage investments in China’s internet industry.

A publicly-listed company in Shanghai, China CYTS Tours was founded in 1980. The company, headquartered in Beijing, actively invests in travel, high-tech product development, venture capital, and security business.

The company has more than 60 chain stores and outlets in China, as well as 3 branch offices in Hong Kong, North America, and Japan.

Zhiketong’s business is focused on sectors such as hospitality, leisure and entertainment enterprises.

Zhiketong raised $141,220 in series A in February 2015 from eLong in an angel funding round. The company closed its Series A round, which is led by Gobi Ventures China in July.