China property site Fangdd raises $80m
Fangdd.com, a Chinese real estate portal, has raised $80 million in a Series B funding from Vision Knight Capital, Lightspeed China Partners and CDH Venture.
The transaction was completed at the end of June. AVCJ Research's records show CDH provided RMB50 million ($8 million) for the online home seeker in July of last year. Prior to that, the company raised RMB10 million from Decent Venture Capital.
Fangdd.com, operated by Shenzhen Fangdd Network Technology, launched in 2011. It connects property developers and agents with home buyers, adopting an online-to-offline (O2O) business model.
The fresh capital will be used to scale up business and improve users' online and offline purchasing experience, local media reported.
The company has formed partnerships with over 50,000 agencies nationwide to offer properties in more than 500 projects developed by China Vanke, China Poly Group, Greenland Holding and others. As of the end of June, the platform had transacted approximately RMB50 billion. It expects to reach RMB150 billion this year.
Vision Knight closed its second fund at the hard cap of $550 million in April, while Lightspeed China raised $260 million for its second fund last month.
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