Online Travel Platform UeeeU.com Receives First Round of Financing from BAF Spectrum
Singapore, March 18, 2008: The leading Singapore seed fund BAF Spectrum today announced a SGD $1m (USD $720,000) investment into UeeeU.com, a Singapore-based Internet and Mobile commerce platform for global travel. UeeeU.com will initially focus on the tourism, travel and leisure industries in China and the rest of Asia.
China travel and tourism is a large and growing market; spending on travel is estimated to reach RMB 900B (S$180B) in 2007, comprising 10% of domestic personal consumption. Propelled by the 2008 Beijing Olympics, this market is projected to rise at a compounded annual rate of 14.5% over the next decade to RMB 3,500B (S$700B), constituting 12% of domestic personal consumption. It is also a highly competitive and fragmented marketplace, with low operating margins and a lack of a standard in quality of service. With UeeeU.com’s digital commerce platform enabling tour operators including hotels, travel agencies, transportation providers, scenic sites, entertainment outlets, restaurants, and health & wellness providers to conduct business, promote service offerings, and serve their customers online, the industry is poised to re-make and transform itself for the digital 21st century.
UeeeU.com is a comprehensive digital commerce platform featuring:
- A B2C portal enabling consumers to simply and rapidly conduct search, perform booking, design tour packages, and complete transactions online;
- A B2B portal enabling the tour operator to self-manage and maintain service offerings, market their services, collaborate with industry partners, and provide customer support;
- The largest and most comprehensive aggregation of service providers covering all major segments of the market including Hotels, Transportation, Travel Agencies, Scenic Sites, Entertainment, Health & Wellness, Restaurants and Shopping;
- The latest in search and digital media technologies including: ultra-fast search and navigation, 360-degree panoramic viewing of the tour properties, “digital tour guide” providing assistance to site visitors, online customer support tools, and other customer-centric technologies making for a most exciting and compelling user experience;
- Web-based interface combined with mobile access enabling digital travel, tourism and leisure activities anytime, anywhere.
Developed in a strategic partnership with the Tian Ma Travel Group – a China-based GLC which is also China’s third largest tour operator – UeeeU.Com was conceived with a laser focus to fully address the present and emerging needs of the travel and tourism market; it is truly a product created ”for the tourism industry, by the tourism industry”. The management team – comprising of operating and marketing executives from the tourism and internet industries in China and Asia – has the broad experience, the in-depth expertise and the focused vision to develop and grow the business to fulfill the needs of today’s savvy consumers and tour operators, and to create new demands for tomorrow.
Investment lead and Executive Director of BAF Spectrum, Mr. Chow Yen-Lu commented: “The travel and tourism industry is booming globally, and there is growing affluence of consumers in Asia especially in emerging markets like China and India who are increasing their share of the wallet in travel and leisure. Our investment in UeeeU.Com serves as a catalyst for taking this industry through the next phase of growth, powered by ubiquity of the internet and the mobile phone, the largest and most comprehensive aggregation of tourism service providers, compelling user interfaces, state-of-art technologies and tools. We are looking to quickly build up the technology platform, ramp up marketing activities, and scaling up the business in China and Southeast Asia, followed by a Pan-Asia and eventually global expansion.”
“BAF Spectrum has been an invaluable partner to help UeeeU.com get off the ground. They have provided not only the seed money but industry relationships and technology expertise which have been critical in the early stages of this new venture. In particular, the mobile solution (thru UeeeU.Mobile) that BAF Spectrum orchestrated by bringing in local mobile technology developer Mozat accelerated the implementation of our mobile strategy and time-to-market. There are several other examples of such partnerships facilitated by BAF Spectrum”, said Mr. Zhang Bauluo, Founder and Chairman of UeeeU.Com Pte Ltd.
Mr. Francis Chua, Managing Director of BAF Spectrum added: “With UeeeU.com, we expect to see a transformative change in how businesses are conducted in the travel and tourism industry in China, and potentially ROW. We’re very excited to be a part of this growth story.”
Mr. Chua will serve on the board of UeeeU.com, along with Mr. Chow.
About BAF Spectrum Pte Ltd
BAF Spectrum invests in fast-growing and highly scalable Asian companies with a world market potential. The Singapore-based fund has committed more than US $14 million for early-stage ventures; partly financed through the Business Angel Scheme (BAF) operated by SPRING SEEDS Capital, a government-linked agency. Spectrum’s seven executive directors from Asia and Europe represent an unusually wide cross-section of business experience.
For more information about BAF Spectrum, visit www.bafspectrum.com.
About UeeeU.Com Pte Ltd
UeeeU.Com Pte Ltd is a Singapore-based leading provider of digital commerce platform for China travel and tourism with plans to expand globally. Its comprehensive B2C portal enables consumers to simply and rapidly conduct search, perform booking, design tour packages, and complete transactions online; its B2B portal enabling the tour operator to self-manage and maintain service offerings, market their services, collaborate with industry partners, and provide customer support. Its provides the largest and most comprehensive aggregation of service providers covering all major segments of the market including Hotels, Transportation, Travel Agencies, Scenic Sites, Entertainment, Health & Wellness, Restaurants and Shopping; it sports the latest in search and digital media technologies including: ultra-fast search and navigation, 360-degree panoramic viewing of the tour properties, “virtual tour guide” providing assistance to site visitors, online customer support tools, and other customer-centric technologies making for most exciting and compelling user experience.
For more information, please visit www.ueeeu.com.
- Contact Information
- Jenny Law
- Business Development Manager
- BAF Spectrum Pte Ltd
- Contact via E-mail
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