China-based online property portal Uoko has secured $22m in a series B round that included Legend Capital, the corporate venturing arm of conglomerate Legend Holdings, 36kr reported yesterday.
SIG China, a unit of financial services provider Susquehanna International Group, also participated in the round, as did venture capital firm Matrix Partners. It valued Uoko at $80m.
The company previously raised almost $500,000 in a 2013 seed round featuring Ferry Venture Capital and $4m in series A funding from Legend Capital.
Uoko aims to tackle the issue of affordable living space in provincial capitals – so-called second tier cities – where young people often live with their parents due to a lack of housing options. It offers studios, suites and bedsits for less than $163 a month to rent.
Uoko currently operates in Chengdu and Wuhan but is considering using the latest round to expand to more cities, though a final decision on growth is yet to be made.