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A Chinese hospitality crowdfunding platform raises $29 million

Kaistart, a crowdfunding platform dedicated to hospitality and restaurant industries, has just raised $29 million to foster its development.

This is the beginning of a brand new adventure for Kaistart: the Chinese startup, which had developed a platform dedicated to crowdfunding within the hospitality and restaurant industries, has just received financial backing thanks to Yunfeng Capital. The private equity firm - founded by Jack Ma, CEO of Alibaba - has contributed to raising $29 million in order to support the Chinese startup's future growth.

Kaistart applies the crowdfunding principles to hospitality and restaurant businesses in China, enabling hotel, restaurant projects, among other tourism initiatives, to take off.

In the long run, will crowdfunding mean that one can start one's own hotel business without huge initial capital requirements? Some projects that have been developed in France, such as in Lormont (Bordeaux) and Toulon, call for a move in that direction.
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