Yunfeng leads $120m round for China’s Xiaozhu.com
Chinese PE firm Yunfeng Capital has led a $120 million Series E round of funding for Xiaozhu.com, a Beijing-based short-term rentals platform.
Xiaozhu.com said in a statement that it is now valued at in excess of $1 billion. Existing investors including Joy Capital, Morningside Venture Capital, and Capital Today China Group also participated in the round.
Xiaozhu, founded in 2012, operates a C2C business model similar to that of US-based Airbnb, allowing homeowners to post properties that are available for vacation or business rentals. The platform now has more than 200,000 property listings covering over 400 destinations in China and overseas markets.
"After five years of exploration, Xiaozhu pioneered the house-sharing business model in China and created a new bilateral market from the ground up by building an entire service system that includes cleaning and photography services," said Kelvin Chen, co-founder and CEO of Xiaozhu.
While house-sharing has thrived in Western markets, overseas players have struggled to get traction in China, Chen added. In March, Airbnb set up a dedicated China unit, known as Aibiying, competing directly with Xiaozhu and Tujia. Meanwhile, Tujia raised $300 million last month from existing investors All-Stars Investment and Ctrip.
Xiaozhu secured a Series A round from Morningside in 2013, and a $15 million Series B led by Legend Capital in 2014. One year later, Joy Capital led a $60 million Series C round for the company. Last year, Xiaozhu announced it raised $65 million across two tranches, with Capital Today, Bertelsmann Asia Investments, and Magic Stone Alternative Investments among the backers.
More on Greater China
Latest News
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...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.