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Despite stalled growth in China, Brazil and Russia, a wave of newly middle-class travelers from the BRICs and beyond will start visiting international destinations in the coming decades — dwarfing the numbers we’ve seen thus far.
Short-term rentals are disruptive to the lodging industry and truly global in scope, as this funding news punctuates.
Two Chinese Airbnb clones, Mayi.com (meaning “ants”) and Xiaozhu.com (meaning “little piggies”), each announced that they’ve secured $10 million in venture backing. They join a third company, Tujia.com, in the suddenly crowded Chinese market for crowdsourced short-term lodging in citizens’ homes and apartments.
Mayi’s backers are based in Silicon Valley: VantagePoint, BlueRun and Sequoia Capital. [Xiaozhu.com’s funding came in the fourth quarter of 2012, and its backers have yet to be revealed.] Tujia, too, has a partnership with the American company HomeAway.