Intohotel.com gets US$30m venture capital boost

Intohotel.com, a Hangzhou-based professional manager for corporate business trips, won a US$30 million venture capital investment from KPCB China and Zero2IPO Group after receiving a RMB6 million venture capital start-up investment from the local government last month, China Business News reported. The website is used by more than 5,000 firms, principally for hotel and air ticket booking. “Intohotel.com can save firms from incurring losses through poor cost control procedures,” Zhong Xiaolin, a partner at KPCB China, said. Fosun Group, ICBC, Alibaba.com, Geely Automobile, Jinggong Group, Holley Group, Digital Video Networks and Softbank China Venture Capital are all clients of Intohotel.com. It is estmated that these companies spend a combined US$87.46 million (RMB600 million) on business trips every year.