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ByeCity has a host of new opportunities available to it as the crackdown on organized group travel has resulted in an even bigger boom in independent outbound Chinese travelers.
ByeCity, a Chinese outbound traveling service, announced that it secured nearly $20 million of Series B financing from Alibaba Group and CBC Capital.
The company has received around 10 million dollars from JAFCO Asia and Investor Growth Capital in 2008 and an undisclosed amount from TaishanXD in 2011. The capital raised will be used in network construction, branding and enhancement of user experiences.
Read more about the subject in our trends report “The Rise of the Independent Chinese Traveler.”