Beijing-based economy hotel chain Qingzhu has garnered ‘tens of millions of dollars’ in a Series B round of financing jointly led by global venture firm GGV Capital and Sofina Group, according to a company statement on Thursday.
Existing investors Sequoia Capital China and XVC also participated in the current round. Yue Capital acted as a financial advisor.
Qingzhu, set up in 2019 and managed by Beijing Meizhu Bicheng Technology Company Limited, is a tech-driven economy hotel chain spun off from Chinese consumer services giant Meituan.
It has 30,000 franchisee members across 180 cities in China.
The company will use the funding for launching new hotels and accelerating business development.
In 2019, Qingzhu completed its Series A, A+ rounds from Sequoia Capital China, XVC, and Source Code Capital.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on March 19, 2020.
Topping the list is Medical AI, an imaging diagnosis company, that garnered nearly $14 million in a Series B round of financing led by Wondfo Biological Industrial Fund.
