Marco Polo Technology, the parent company of travel B2B marketplace PKFARE, has closed its Series A investment on $1.6m.
Contributions to the funding round came from the Civil Aviation Investment Fund, Caissa Tourism Group and (CKGSB) Chuang Fund. Beijing ZuoYu Investment Management served as the finance advisor for the series.
Alongside the funding, the company formed a strategic partnership with Beijing Zhongguancun Bank for the launch of its PKPAY service for the travel industry. The new offering will provide assistance to travel SMEs in getting bank loans, helping to boost the industry.
PKFARE is a global travel solution that provides businesses with a product purchasing and distribution network, and real-time pricing and inventory of products. Through the service, travel companies are able to compare global prices.
Localised payment methods are also available to support cross-border remittances, lower foreign exchange risk and improve exchange prices.
The company, which implement machine learning and big data, complies data of 600 airlines, 400,000 hotels, and 20 DMCs across 100 countries.
This equity investment will be used to drive global expansion, expand its team, deepen the use of its products and increase technology development.
Civil Aviation Investment Fund general manager Gao Jian Ming said, “The reason why we invested in PKFARE is that we lay emphasis on projects related to its innovative technology and big data application. We are confident that the company will take a lead in helping the tourism industry break trade barriers and create a new supply and demand ecology.”
Earlier in the month, business travel booking and management platform TravelPerk collected $21m in its Series B funding round.
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