AVCJ

Joy Capital leads $60m round for Chinese vacation rentals site

  • LinkedIn  
  • Google plus  
  • Save this article  

Xiaozhu.com, a Chinese short-term rental site, has completed a Series C round of funding worth $60 million led by Joy Capital, a new VC firm spun-out from Legend Capital.

Other investors include Morningside Technologies, CITIC Capital and Magic Stone Alternative Investments, the start-up confirmed on its official Weibo microblog.

Xiaozhu.com was launched in 2012, which operates in a similar business model to US home-sharing website Airbnb. It now lists 30,000 homes in more than 200 Chinese cities. Xiaozhu is collaborating with Ant Financial, Alibaba Group's online finance affiliate, to build up data on individuals' credit ratings in the short-term rentals.

"The sharing economy has a huge influence on China's internet sector. Our investment in Xiaozhu reflects our bullish view on how the sharing economy is bringing disruption in traditional lodging industry," said Xiao Li, founding partner of Joy Capital.

Last year, Xiaozhu raised $15 million in a Series B round from Legend Capital and Morningside. Prior to that, Morningside provide several hundreds of millions dollars in a Series A round.

The new funding will be used for brand building, innovative business development, hiring more staff and improving users' experience.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Greater China

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs