China-based apartment rental service Wowqu has secured RMB200m ($29.7m) in a series B round led by Mofang Investment, a subsidiary of property rental provider Mofang Apartment, China Money Network has reported.
Wowqu predominantly serves a 20-something customer base and offers two different types of rentals: long-term accommodation for young office workers through community-based co-living spaces, and hotel-like serviced rooms for business travellers.
The company was created by hotel manager Plateno Group in 2015 and currently operates in some 70 urban centres in China including Beijing, Shanghai and Guangzhou. Its apartments are fully furnished and feature private bathrooms and kitchens as well as group meeting rooms and e-commerce collection lockers.
Wowqu will use the series B capital to invest in its management team and IT capabilities, as well as bolstering its operational efficiency and supply chain resources.
The round comes after the company collected $7.4m in an August 2017 pre-series A round backed by online listings platform 58.com.