Xiaozhu bags US$300 million in latest funding round

China-based homesharing platform, Xiaozhu.com, has raised around US$300 million in its latest round of financing.

Jack Ma-backed Yunfeng Capital and Advantech Capital jointly led this round of funding. Other investors included the newly added GIC Private Limited and existing investors Joy Capital, Morningside Ventures and Capital Today.

According to Chen Chi, cofounder and CEO of the company, the capital will be invested in global network expansion and the development of a smart home Internet of Things (IoT) system.

In May 2018, Xiaozhu joined hands with Ant Financial to promote facial recognition smart door locks. Facial recognition technology is believed to be a solution to the regulatory uncertainty in the country, Xiaozhu said in a statement.

“Xiaozhu will continue to invest in its global network and smart home IoT system. Through building a smarter service chain, Xiaozhu hopes to provide shared home users with a safer, more reliable, and convenient living environment globally,” said Chen.

Founded in 2012, Xiaozhu is now known as the largest peer-to-peer based homesharing platform in China.

Xiaozhu partnered agoda in March 2018 and Alibaba’s travel brand Fliggy in May to expand its global network, share properties, and promote post-pay services. Xiaozhu now has over 500,000 listings in more than 650 destinations across the world.

In November 2017, Xiaozhu closed a US$120 million round of financing led by Yunfeng Capital, making it a unicorn in the industry.

source: TTG Asia