Hainan-based Coco365.net receives $US5m from Israeli Koolanoo
Hainan-based travel services group-buy site Coco365.net has received USD 5 mln in venture capital investment from Israeli SNS investor Koolanoo.
Coco365 is a travel group-buy site established by senior managers of Chinese online travel service providers Ctrip (Nasdaq: CTRP) and Mangocity with investment from Chinese hotel groups. The site offers group-buy discounts on more than 10,000 rooms in more than 300 hotels around the country.
Coco365's strategy calls for it to move from its current hotel group-buy offerings to gradually expand into group-buy discounts on plane tickets, scenic venue tickets, and other services, ultimately providing group-buy discounts for services covering every aspect of independent travel.
Koolanoo previously invested a total of more than USD 50 mln in Chinese SNS 360Quan. Coco365 is the company's second investment in China, and Koolanoo plans for its total investment to exceed USD 30 mln. The first round of funding has been confirmed to be USD 5 mln.
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