Two Airbnb-clone rental sites in China each get $10 million in funding
China's Mayi.com offers short-term rentals online and has a mobile site, as well as iPhone and Android apps.
Short-term rentals are disruptive to the lodging industry and truly global in scope, as this funding news punctuates.
Excerpt from Fast Company
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.