FountainVest leads $223m round in China's Fangdd.com

In an announcement posted on its Weibo microblog, the company said the round was completed in July. The new capital will be used to expand Fangdd's second-hand and newly built property listings and improve the user experience and back-end of the online platform. It will also add new financial products to its newly launched finance arm.

Fangdd, which launched in 2011 and is based in Shenzhen, operates in 50 cities across China. It aims to link property developers and real estate agents to home buyers. The company wants to tap into the second-hand home market beyond the eastern coastal cities.

Fangdd has previously raised a Series A round of RMB50 million ($8 million) in 2013 led by CDH Venture, and a Series B round of $80 million last year led by Vision Knight Capital. CDH and Lightspeed China Partners also participated in the Series B.

FountainVest is currently investing its second China fund, which closed in November 2012 at $1.35 billion. The firm seeks growth capital investments in companies across a range of industries, including consumer products and services, utilities, manufacturing, and financial services.

This year it has supported Ligang Zhang, the founder of healthcare services provider iKang Healthcare, in his takeover bid for the company, and has also led a $32 million round for healthcare app Xingren.

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• Topics
• Greater China
• Consumer
• Technology
• Expansion
• Real estate
• China
• Fountainvest Partners
• Consumer
• TMT
• Growth capital
• Real estate