China serviced apartment operator gets $43m
Anxin Apartment, a China-based serviced apartment operator, has raised RMB300 million ($43 million) in a Series B round spread across two tranches.
Qiming Venture Partners led an initial Series B round which is worth more than RMB100 million, with participation from Vision Knight Capital and Yonghua Capital. The extended funding round amounted to hundreds of million in renminbi, and is led by real estate investment firm Proprium Capital Partners (PCP). Qiming and Shenzhen Oriental Fortune Capital also took part.
Founded in 2014, Shanghai-based Anxin Apartment, known as Anxin Gongyu in Chinese, is a serviced apartment chain that targets office employees. It has 60 apartment complexes - each containing about 50-60 rooms, and more than 30,000 beds in total - in eight Chinese cities, most of which are located next to subway stations. All apartments come with basic amenities, and the operator provides housekeeping and other residential services.
As part of the deal, Anxin Apartment and PCP will jointly acquire and upgrade properties in first-tier and second-tier cities for apartment rental. The company plans to increase its number of beds to 100,000 by the end of this year.
Cura Investment Management provided a seed round in 2012 and a Series A round two years later. Vision Knight came in with a RMB70 million extended Series A round in 2015 in conjunction with Cura.
Industry peer Mofang Gongyu, also based in Shanghai, raised a $300 million Series C round last year led by AVIC Trust, while existing backer Warburg Pincus also participated.
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