Marco Polo Technology has raised approximately US$1.6 million for its B2B travel marketplace subsidiary, Pkfare, in a series A funding round, with investors counting Civil Aviation Investment Fund, Caissa Tourism Group and Chuang Fund.
The funds will be used to drive further global expansion, beef up the management team, deepen the application of its products and upgrade technology, according to a statement from PKfare.
Pkfare intends to leverage the resources and management experience of its investors to grow into a “first-class global company” and go public in the future, said Jason Song, founder and CEO of Pkfare.
In addition, Pkfare has signed a strategic partnership with Beijing Zhongguancun Bank, launching a financial product named Pkpay, meant to assist travel SMEs in obtaining bank loans.
“We offer travel resources and distribution channels for SME travel companies, while Beijing Zhongguancun Bank provides financial support and innovative AI-enabled risk control capabilities, creating an Internet Plus finance business model for China’s travel industry,” elaborated Jason Sui, co-founder and senior vice president of Pkfare.