China-based real estate platform operator Beike Zhaofang has secured approximately $2.41bn in a series D-plus round that included telecommunications and internet conglomerate SoftBank and internet group Tencent, DealStreetAsia reported today.
Hedge fund manager Hillhouse Capital and venture capital firm Sequoia Capital China also contributed to the round, which closed in November 2019. SoftBank invested $1bn according to the Wall Street Journal, and the round valued Beike at just over $14bn.
Also known as Ke.com, Beike runs an online platform where users can access apartments for rent that spanned almost 100 Chinese cities as of July 2019.
Beike also offers services such as interior decoration, property management and real estate financing, both through the platform and a network of 250,000 brick-and-mortar estate agents and 30,000 offline retailers.
The cash will be invested in developing industrial internet technology and increasing headcount. Beike was reported in December 2019 to be considering launching a $1bn initial public offering.
The company said in a statement seen by DealStreetAsia: “Beike targets to promote the digitalisation and industrial optimisation of the residential property market, in an attempt to lift the efficiency of China’s residence services and improve customer experience.”
Tencent had already led a July 2019 series D round for Beike reportedly sized at $1.2bn, providing $800m in the process at a valuation of $9.5bn.
The round also featured real estate developer Country Garden, Gaw Capital Partners, Gaochun Capital, Source Code Capital, New Horizon, Huaxing Capital and Strait Capital.
