China-based online estate agent Daojiale has received RMB500m ($70.5m) in funding from classified listings operator 58.com and its real estate listings subsidiary, 58 Aifang, DealStreetAsia reported yesterday.
Founded in 2016, Daojiale runs an online platform that enables users to list residential and commercial real estate for sale in Chongqing, a municipality with a population of more than 30 million. The investment represents the first external funding to be raised by the company.
The capital will be used to enhance Daojiale’s brokerage, property management and real estate information capabilities in partnership with 58.com as the company looks to expand across China’s southwestern region, according to a statement cited by DealStreetAsia.
58.com operates a diversified range of classified listings portals and launched 58 Aifang in February 2019 in collaboration with real estate consulting firm Tospur and real estate services provider Worldunion to focus on new apartment listings.
The corporate had already acquired online real estate marketplace Anjuke in a $267m deal in 2015, and its corporate venturing portfolio includes holiday accommodation provider Sweetome and apartment rental service Wowqu.
