Le Lézard
Classified in: Tourism and vacations, Science and technology, Business
Subject: FNC

LvYue Group Completed Several Hundred Million Dollars in Series A and A+ Financing Led by Tencent, Sequoia China, Baidu Capital and Goldman Sachs


BEIJING, Nov. 14, 2019 /PRNewswire/ -- On November 15 Beijing time, LvYue Group announced its several hundred million dollars Series A and A+ round financing led by Tencent, Sequoia China, Baidu Capital and Goldman Sachs, co-invested by Ocean Link, CITIC Trust, Oriza and CAISSA Travel. Fanzhuo Capital acted as financial advisor for both rounds.

LvYue Group Completed Several Hundred Million Dollars in Series A and A+ Financing

Strategically invested by Trip.com and led by Mark Zhang who also serves as president of Qunar, LvYue is an internet travel service provider that integrates hotel management, information technology, trading and procurement, applying innovative internet technologies to traditional hotel industry.

With the concept that 'every hotel is unique', LvYue created the boutique travel destination hotel brand "Floral" which integrates local culture into living spaces and provides tourists with unique cultural experiences and uniform branded services in top destinations around the globe.

In 2017, LvYue launched its self-developed XPMS hotel management system to provide full scope of services to various hotels, homestays and inns, including channel management, room inventory management, dynamic pricing, automated cash management and settlement, and data visualization to improve operational efficiency. In 2018, XPMS mobile App was launched, the system has been already put into commercial use with remarkable results.

The company's official reservation platform, Floral Travel App was also launched in 2018, with key functions of hotel reservation, travel guides, entertainment recommendations, value-added services and travel notes sharing, etc. and offers various customized services.

From 2016 till now, LvYue has signed and opened more than 1,900 hotels worldwide, in over 10 countries including Japan, South Korea, Thailand and India. By the end of 2019, LvYue's network will exceed 2,600 hotels.

Jay Shen, Head of Investment Department in Trip.com, commented: "As LvYue's strategic investor, we have strong faith in its future development. Trip.com will keep supporting LvYue on providing great travel experience."

Stephanie Hui, a Managing Director and Co-head of Principal Investment Area at Goldman Sachs in Asia Pacific, said: "Goldman Sachs has a positive outlook for both China and global travel destination markets, and will support LvYue to further expand its business throughout China and abroad."

LvYue is a "new species" in traditional hotel industry with more vitality. In future, LvYue will continue to expand in the domestic market while accelerating the pace of globalization, and explore new possibilities driven by its internet big data capabilities.


SOURCE LvYue Group


These press releases may also interest you

at 02:47
Lipidor AB today announced an agreement with Cadila Pharmaceuticals, a leading Indian pharmaceutical company with extensive CRO capacity, to conduct a Phase III study for Lipidor's drug candidate AKP-02. The study is expected to commence in Q1 2021...

at 02:47
Asetek today announced a collaboration with Hewlett Packard Enterprise (HPE) to deliver its premium data center liquid cooling solutions in HPE Apollo Systems, which are high-performing and density-optimized to target high-performance computing (HPC)...

at 02:35
Technavio has been monitoring the digital business support system market and it is poised to grow by USD 2.96 bn during 2019-2023, progressing at a CAGR of 15% during the forecast period. The report offers an up-to-date analysis regarding the current...

at 02:16
Larsen & Toubro Infotech (BSE code: 540005) (NSE: LTI), a global technology consulting and digital solutions company has launched LTI Canvas, a modern software engineering platform that addresses critical need of enabling work from anywhere. LTI...

at 02:05
Technavio has been monitoring the audit management software market and it is poised to grow by $ 543.5 mn during 2019-2023, progressing at a CAGR of almost 12% during the forecast period. The report offers an up-to-date analysis regarding the current...

at 02:05
It is with great pleasure that Juniper Research announces the 2020 winners of the Future Digital Awards for Technology & Innovation. This category recognises the most impactful technology products and services operating across numerous areas,...



News published on 14 november 2019 at 21:00 and distributed by: