San Jose, CA – December 2, 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 have catapulted Lulutrip become 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. As the CEO of the company, Jon said, “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. 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.”
Lightspeed China Partners’ Managing Director and Co-founder, Ron Cao, commented, “We are extremely excited to have formed this partnership with the Lulutrip team. Jon and Faith’s vision for the future combined with their strong knowledge in technology and product/services will allow them to continue to make a significant impact in the Chinese overseas travel market.”