MICE venue search portal and online one-stop-service platform Eventown Group announced on July 1 that it has completed a third round of funding worth over RMB 100 million led by Harvest Capital (“稼沃资本”) and joined by its existing investors.
Harvest Capital, founded by Honghui Li at the end of 2015, has its core team members from investment institutions such as Envision Capital (“维思资本”) and Ping An Ventures (“平安创新”) and has invested in Lubansoft and other enterprise solution providers as well. Cheng Zhou, vice president of Harvest Capital, said that B2C platforms are doing away with intermediaries, there is still an indispensable role for intermediaries in the B2B sector, especially when it comes to offline services. Therefore, Mr. Zhou believes that the operational model of Eventown is promising.
Liang Tang, co-founder and CEO of Eventown, said that the company will compete as well as cooperate with Cvent, the Virginia-based meetings tech provider, which has been acquired by Vista for USD 1.65 billion in April.
Eventown launched a direct procurement platform 5.0 for enterprises on May 20, providing services such as online payment and allowing meeting venue providers to launch online stores. The company also carried out an initiative on May 26 to encourage newly built hotels to join Eventown and launch their own online stores.
Eventown, a major MICE player in China founded in 2007, lists more than 60,000 hotels and meeting venues as well as over 1,200 service providers in 301 cities in China. (Translated by Claire)
