China serviced apartment chain Mofang raises $300m
Mofang Gongyu, a Shanghai-based serviced apartment chain operator, has raised $300 million in a Series C round of funding led by AVIC Trust. Existing backer Warburg Pincus also participated.
Mofang announced the fundraising in a local press conference, according to Iyiou.com. The round gives Mofang a post-money valuation at more than $1 billion.
Founded in 2010, Mofang operates 150 serviced apartments in 15 Chinese cities, with nearly 22,000 bedrooms accommodating 40,000 guests. It plans to open an additional 200 buildings through a franchising model this year. It aims to provide community facilities and services for young professionals, ranging from cafes to recruitment workshops.
Mofang previously raised a Series A round of an undisclosed amount from DT Capital Partners. Warburg Pincus committed $60 million to the firm in 2013 and made a follow-on investment of $140 million in 2015.
Mofang plans to use the fresh funding to expand its rental services targeting at different groups of users, according to the report.
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