China’s Fosun RZ Capital has led a $6.75 million Series A round of funding in Israeli hotel booking platform Splitty, according to an announcement.
Other investors including 2bAngels, Techstars Ventures, Cockpit Innovation and 11-11 ventures participated in the round.
Fosun RZ Capital is the venture capital arm of Fosun International, a Chinese international conglomerate and investment company headquartered in Shanghai. It also has an operation in Hong Kong.
Splitty will use the funds to expand its team and accelerate its global market growth in the coming years.
Founded in 2015, Splitty offers unique hotel prices by splitting and combining multiple bookings under one reservation. Splitty analyses and splits over 1.5 million transactions to create exclusive deals in one second. The platform serves over 500,000 properties in 127 countries.
“Our investment strategy in Israel will be more focused on high-end technology, which aligns strategically with what we have in the China market,” Fosun RZ chairman Jin Hualong said, in a statement.
“Splitty will be a landmark in Fosun RZ Capital’s travel tech distribution. With its ‘Split & Match’ technology, Splitty has driven the innovation of the traditional OTA model and provided the best solution for both users and hotels,” he added.
Currently, Splitty provides room booking options mainly in Europe and America. Since China has become the largest consuming market in the international tourism industry, the company is planning to expand its business in the Asian market right after the completion of this round of financing.
For Fosun RZ Capital, the latest deal will help broaden its travel portfolio across markets. Last year, it led a $12 million funding round in transport aggregation services provider LetsTransport.
Its other portfolio companies in the travel and tourism space include Ixigo in India and Shijie Bang, a Beijing-based travel agency specializing in outbound international services, among others. Besides, Fosun’s insurance arm has an investment India’s largest online travel agency MakeMyTrip.