Shanghai-based Huixing Network Technology, operator of mobile overseas travel app Triploc, has won RMB 8-digit Series A funding from Shenzhen Fortune Wealth Management and Buttonwood Capital Management.
Triploc provides 14 categories of local travel services through its official website and mobile app, including car rental, homestay, travel accompaniment, ticket booking, and route planning.
Local tour guides are authenticated by Triploc and called "Youxia" ("Travel Heroes"). The tour guides have a content home page and storefront on the Triploc platform through which users can purchase associated travel services. Triploc, which originally only allowed individual tour guides to post their information, last year began allowing organizations to create profiles and provide their tour services.
Triploc launched a travel customization engine "Make" for Chinese travel agencies in June 2017, to offer comprehensive solutions, according to Triploc CEO Zhang Rui. Triploc's user-oriented platform originally depended on commissions and online advertising for revenue, but Make has the potential to be Triploc's main revenue source.
The current funding will primarily be used to expand Make, travel destinations, and development of global tour guides. Triploc plans to launch an English version of the system in 2018 to serve a global user base.
Triploc currently has a user base of 1.2 mln and has nearly 10,000 tour guides and hundreds of travel organizations registered on the platform. By the end of 2017, the company expects that monthly transaction volume will hit RMB 15 mln with a per customer average price of RMB 1,500. Triploc expects to operate in 120 destination cities across the globe by the end of this year.