Sweetome has acquired corporate-backed short-term accommodation platforms City Home and iYoujia, with Tencent, Alibaba, Tujia and Trip.com scoring exits.
Holiday accommodation provider Sweetome has acquired China-based holiday property manager City Home for an undisclosed amount, allowing internet group Tencent and accommodation marketplace Airbnb to exit, DealStreetAsia has reported.
City Home runs an online platform where travellers can access other users’ properties for short-term stays.
The company reportedly raised $2.5 from Tencent and private equity firm China Broadband Capital in 2017 before Airbnb subsidiary Aibiying added $5m in July 2018. Its investors include Eight Roads Ventures and CBC Capital,…
