Tujia, China's Airbnb-like service provider, said yesterday it raised 0 million in the latest round of financing, which marked a record high investment in China's sharing accommodation industry.
The leading investors in the latest round were Ctrip and All-Stars Investment, as well as China Renaissance's New Economy Fund, Glade Brook Capital and G Street Capital. Glade Brook used to be an investor in Airbnb and Uber, demonstrating the international capital market's confidence, Tujia said.
Tujia raised 0 million in the latest round or round E, with its online business platform valued at over .5 billion. After the previous round of financing in 2015, Tujia separated its online and offline business.
The investment will be used to "work toward optimizing the user experience by standardizing aspects of our alternative travel accommodation such as linen washing, cleanliness, and smart capabilities" and to "further invest in the domestic high-end real estate market and in foreign markets," said Luo Jun, Tujia's founder and CEO.
Tujia is also set to tap the rising demand for family-friendly accommodation options.
