Xinhua Travel Raises $23M in Funding

Xinhua Travel, a Chinese online tourism service provider, has raised US$23m in funding.

Backers include Milestone Capital, a foreign private-equity investment fund management company specializing in direct investment in China, and other unnamed investors, which will make a further investment based on the company’s future development.

Launched 18 months ago, Xinhua Travel (Xinhua Travel Network Services) is an online tourism service provider with the aim of establishing a multi-brand, multi-channel marketing network.

According to a written statement, since inception the company has recorded transactions of RMB3 billion (approximately US$462m), with average monthly revenue growth of more than 120%.



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