China-based serviced flat rental platform Mamahome secured RMB100m ($15m) from real estate company City Developments (CDL) subsidiary CDL China on Monday in return for a 20% stake.
Plastics manufacturer Shanghai Chongfu and E-House Capital, the financial services arm of real estate firm E-House China, will own 56% and 24% of Mamahome respectively, though their financial contributions to have not been disclosed.
Mamahome operates an online platform through which users can book short-term serviced apartments that include features such as a concierge and housekeeping.
The company operates its own properties and also links with third-party providers, overseeing a total of more than 100,000 apartments across 20 cities.
City Developments will integrate its own serviced apartments into Mamahome’s platform, while Mamahome will use the money to improve its offering and expand internationally.
Yuan Ye, chairman and founder of Mamahome, said: “Through the strategic partnership with CDL, we will be able to integrate our expertise in China with CDL’s strong branding and experience in the global hospitality sector, offering customers a seamless online-to-pffline experience and high quality services.”