Xiaozhu, a China-based operator of a short-term accommodation booking platform that counts media group Bertelsmann as an investor, has secured almost $300m in funding, Reuters reported today.
Private equity firm Yunfeng Capital led the round, which included private equity fund Advantech Capital, Singaporean sovereign wealth fund GIC, Capital China and VC firms Joy Capital, Morningside Venture Capital, according to China Daily.
Founded in 2012, Xiaozhu runs an online platform that enables users to book accommodation in each other’s homes. It has more than 500,000 listings, and the company introduced a full-service option in April this year meaning owners can outsource the management of their listings and hosting.
The latest round was closed alongside the expansion of a partnership with e-commerce group Alibaba, which already provides smart lock and facial recognition technology allowing Xiaozhu customers to gain access to homes. That agreement will now include a range of expanded services.
The company has now raised more than $560m in total. It was valued at more than $1bn following its last funding, a $120m round in December 2017 also led by Yunfeng Capital and backed by Capital Today, Joy Capital and Morningside Ventures.
Xiaozhu secured a total of $65m in series C-plus and D funding that closed in late 2016. Capital Today led the series C-plus round before Bertelsmann unit Bertelsmann Asia Investments and Joy Capital co-led a series D that included Morningside, Capital Today and Heyu Capital.
Morningside, VantagePoint Ventures, BlueRun Ventures and Sequoia Capital provided the company’s early funding in 2012 and 2013. It added $15m from Morningside Ventures and Legend Capital, the VC firm spun off from conglomerate Legend Holdings, in 2014.
