China-based online property portal Uoko has closed a RMB1bn ($157m) series C1 round that featured property management firms Greentown Service Group and Galaxy Holdings, China Money Network reported today.
Quantitative trading firm Susquehanna International Group and Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, also took part in the round, as did Shenzhen Venture Capital and Matrix Partners China.
The round comprised both equity funding and debt financing, with the latter supplied by financial services firms Citic Bank, Shanghai Huirui Bank, MyBank and XW Bank. Uoko has also applied to secure asset-backed financing, but has not revealed further details.
Founded in 2011, Uoko provides long-term apartment rentals for recent graduates. The properties include standardised services and facilities, with rooms in shared flats costing between $157 and $236 per month.
The company currently manages more than 40,000 rooms across the cities of Beijing, Chengdu, Hangzhou and Wuhan. It also offers management systems equipped with specialist software and products such as smart locks.
The series C1 funding will go towards an expansion of Uoko’s property portfolio and the further development of its IT and operation systems.
Uoko secured $22m in a 2014 series B round featuring SIG subsidiary SIG China, Legend Capital and Matrix Partners, and Huarui Bank supplied a nine-figure renminbi sum in 2016. It has not disclosed funding details about its series A funding.