Chinese startup Baoku pockets $10M in Series A round to help people reduce travel costs
Chinese travel and expense management startup Baoku has closed its Series A financing at $10 million. China Broadband Capital (CBC) and telecom software firm Asiainfo-Linkage were the lead investors in the said round, according to Tnooz.
The Beijing-based company's international rivals in expense management include Concur. In the APAC region, Baoku competes with Singaporean firm Tripconomics, the report detailed.
Established in 2007, Baoku already has over 2,000 clients in China at present. Hainan Airlines, Shenzhen airlines, Shangri-la hotels and resorts, and Super 8 Hotel are among the firm's most notable customers. Baoku claims its travel management solution helps its clients cut their travel cost by 20% to 50%, the report detailed.
Aside from Baoku, CBC has also backed other Chinese travel industry firms. Outbound travel service provider ByeCity and car rental firm Yongche are among the companies under CBC's portfolio, Tnooz reported.