Online travel agency Lulutrip, which is based in both Silicon Valley and Shanghai, has received undisclosed Series A1 funding from Lightspeed China Partners. In addition to the investment, LCP Managing Director Ron Cao has been added to Lulutrip’s board of directors.
SAN JOSE, CA–(Marketwired – December 03, 2014) – Lulutrip, Inc., a leading online travel agency focusing on the Chinese outbound travel market, announced today that it has closed its Series A1 financing round from Lightspeed China Partners (LCP), a leading technology venture capital firm in China. Ron Cao, Managing Director of LCP, has joined Lulutrip’s Board of Directors.
Founded in 2007 with offices in Silicon Valley and Shanghai, Lulutrip focuses on enabling Chinese customers worldwide to browse, search and book destination-based travel products, including tours, activities and tickets for North America and Europe. Lulutrip’s competitive advantages include its extensive partnerships with local travel providers, its intelligent tools that help travelers plan customized itineraries, and its market-leading customer services that help to remove obstacles faced by Chinese travelers prior to and during their trips. This unique combination of technology, products and service has catapulted Lulutrip to a top player in the Chinese overseas travel category.
Lulutrip was co-founded by Jon Jiang, a former technology executive at VMware and EMC, and Faith Zhang, a travel industry veteran in US and China. “We are extremely excited to have LCP, a top-notch VC, as our partner in capturing this fast growing multi-billion dollar Chinese outbound travel market,” said Jon as the CEO of the company. “President Obama’s recent decision to make the ten-year multi-entry visa available to Chinese citizens will further accelerate the growth of this market. The new round of financing will enable us to upgrade our customers’ experiences both via PC and mobile, as well as to enhance our product portfolio in both breadth and depth. Our goal is to introduce a new travel experience to Chinese travelers who will enjoy the freedom of customized itineraries at the cost of group tours.”
“We are so excited to have formed this partnership with the Lulutrip team,” Ron Cao, Lightspeed China Partners’ Managing Director and Co-founder, commented. “Jon and Faith’s vision for the future combined with their strong knowledge in technology, product and services will allow them to continue to make a significant impact in the Chinese overseas travel market.”
Founded in 2007 with offices in Silicon Valley and Shanghai, Lulutrip is a leading online travel agency (OTA) focusing on North American and European destinations for Chinese clients worldwide. Lulutrip.com offers more than 3000 local tour products and 2000 local activity products, and its 24×7 non-stop destination-based customer service is widely regarded in the industry as the best in its class. For more information, please visit http://www.lulutrip.com.
About Lightspeed China Partners
Lightspeed China Partners (LCP) is a leading Chinese venture capital firm focused on early-stage investments in Internet, mobile, services and enterprise solutions companies. With a strong background in company operations and entrepreneurship, the partners of LCP are committed to help a new generation of Chinese entrepreneurs become industry leaders, build world-class companies and create social impact. LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners (LSVP). LSVP is a global venture capital firm managing over $3 billion of committed capital with investment professionals and advisors located in Silicon Valley, India and Israel. Over the past two decades, the partners of LCP and LSVP have backed more than 200 companies globally, many of which have become leaders in their respective markets. For more information about LCP, please visit http://www.lightspeedcp.com.