China’s Danke Gongyu raises $100m Series B
CMC Capital Partners and Banyan Capital have jointly led a $100 million Series B round of funding for Danke Gongyu, a China-based start-up that provides apartment rental services.
Other new investors include Regent Capital, Vision Plus Capital, and Bertelsmann Asia Investments (BAI). Existing investor Joy Capital – which led a RMB100 million ($14 million) extended Series A round last year – also re-upped.
Founded in 2015, Beijing-based Danke Gongyu focuses on providing high-end rental services in major Chinese cities, as well as home cleaning and maintenance services. It currently manages over 30,000 apartments in eight cities, including Beijing, Shanghai, Shenzhen, and Hangzhou. Users can search for apartments and arrange viewings through Danke's website.
The company received angel funding from Derek Shen, previously a president in LinkedIn China, in 2014. Shen left LinkedIn in July last year and acted as the executive chairman in Danke. Danke’s Series A round was completed in 2015.
Following the latest funding, the company plans to scale up its business, with a focus on top-tier cities. It will also enhance its big-data technology and home maintenance services, with a view to improving user experience, according to a statement.
China’s home rental market was worth RMB1 trillion in 2016 and is expected to reach RMB2 trillion by 2020. Several apartment rental service providers have raised PE funding. Recent activity this space include Ziroom's RMB4 billion Series A round led by Warburg Pincus, Sequoia Capital, and Tencent Holdings. Prior to that, short-term rentals platform Xiaozhu.com raised a $120 million round led by Yunfeng Capital.
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