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China home-sharing platform Xiaozhu announces 300m in new fundraising

Author: Vicky Karantzavelou / Date: Wed, 10/10/2018 - 16:20
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Founded in 2012, Xiaozhu is now known as the largest peer-to-peer based home sharing platform in China.

BEIJING - Xiaozhu.com, a China-based home-sharing platform, announced today that it had raised around USD 300 million in its latest round of financing.

Jack Ma-backed Yunfeng Capital and Advantech Capital jointly led this round of funding. Other investors included the newly added GIC Private Limited and existing investors Joy Capital, Morningside Ventures, and Capital Today. TH Capital was the exclusive financial advisor.

According to Chen Chi, cofounder and CEO of the company, the capital will be invested in global network expansion and the development of a smart home IoT system.

Founded in 2012, Xiaozhu is now known as the largest peer-to-peer based home sharing platform in China.

Xiaozhu announced a global strategic partnership with agoda in March 2018 and a strategic partnership with Alibaba's travel brand Fliggy in May to expand its global network, share properties, and promote post-pay services. According to the company, Xiaozhu now has over 500,000 listings in more than 650 destinations across the world.

In May 2018, Xiaozhu joined hands with Ant Financial to promote facial recognition smart door locks. Facial recognition technology is believed by many to be a solution to the regulatory uncertainty in the country.

"Xiaozhu will continue to invest in its global network and smart home IoT system. Through building a smarter service chain, Xiaozhu hopes to provide shared home users with a safer, more reliable, and convenient living environment globally," said Mr. Chen Chi.

In November 2017, Xiaozhu closed a $120 million round of financing led by Yunfeng Capital, making it a unicorn in the industry.

ABOUT THE AUTHOR

Vicky Karantzavelou

Co-Founder & Chief Editor

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.