After recently graduating from Telstra’s Muru-D accelerator program, Tripalocal has raised $850,000 in funding earmarked for Chinese expansion.
The Melbourne-based travel platform aims to help Chinese tourists experience what the locals do.
“Our decision to focus on the Chinese market has allowed Tripalocal to develop and test a winning formula, and also access the country’s early stage capital markets,” Jemma Xu, co-founder and CEO of Tripalocal, said.
The angel round of $850,000 was led by China-based early stage venture investor Euler Capital LLC.
Since launching earlier this year, the startup has struck a number of deals with outbound Chinese travel platforms, which combined have more than 450 million active users. In 2014 there were an estimated 700,000 Chinese tourists travelling Australia last year. The startup wants to capitalise on the influx with a goal to roll out similar local travel experiences in other destinations.
Terry Hilsberg, a Muru-D mentor and an angel investor, has joined Tripalocal as Board Director and Chairman as part of this funding round. Earlier this year, Muru-D took its cohort to China to introduce them to fellow startups and investors on the ground. Tripalocal was a part of that trip.
“Tripalocal is an excellent example of an Australian startup that from day one had a global focus. As such, the company has been able to access the world’s largest market, and attract early stage Chinese venture investment. It sends a powerful reminder of what is possible to other Australian startups that may be considering a similar growth path in China,” Hilsberg said.