$70 Million Series B+ Round for Chinese Rental Platform Danke Apartment
Tiger Global Management has recently led Chinese long-term apartment leasing firm, Danke Apartment in a US$70 million series B+ funding round. This financing round comes three months after Danke managed to raise US$100 million in a B round led by CMC Capital and Gaorong Capital earlier this February.
SEE ALSO: Chinese Internet Giants Are Targeting Housing Rental Market
According to Chinese media reports, existing investors such as China Media Capital, Gaorong Capital, Joy Capital, Vision Plus Capital, Bertelsmann Asia Investments (BAI) and Shenzhen Youjin Investment Management also participated in the round.
Danke Apartment was founded in January 2015 and is headquartered in Beijing. It has since entered several other markets – Shanghai, Guangzhou, Shenzhen, Hangzhou, Tianjin, Wuhan and Nanjing, managing more than 120,000 apartments countrywide. The company aims to accelerate its expansion in China’s first-tier cities in the next six months with a target of managing 300,000 apartments by the end of this year.
As the Chinese government pushes for development of the home rental market to address housing demands from urban newcomers, long-term apartment leasing has become increasingly popular and seen rapid growth in recent years. This has met with the successive completion of funding rounds worth millions of USD by rental platforms such as Ziroom, Qingke Apartment, Vlinker and Uoko.