Airbnb Clone Xiaozhu Completes USD 120 Mln Series E
SinaTech, 11/01/17
Shanghai-based Kuaipo Information Technology, operator of short-term housing rental website Xiaozhu.com, announced today the completion of USD 120 mln in Series E funding led by Yunfeng Capital, the private equity firm co-founded by Alibaba Group (NYSE: BABA) chairman Jack Ma, with continued participation from previous backers Joy Capital, Morningside Ventures, and Capital Today.
Xiaozhu.com is a C2C short-term rental booking platform that differs from Airbnb by offering additional services for housekeeping and smart home appliances to improve the offline home experience. The combined online operations and offline management teams provide services for landlords and periodically invite landlords to participate in marketing promotions.
As of H1 2017, Xiaozhu.com had more than 200,000 listings covering 400 Chinese and overseas destinations and an active user base of 20 mln. Xiaozhu.com has also launched various specialized versions of its service focusing on such areas as overseas and business travel, as well as countryside visits (e.g. business travelers can reserve accommodations that are outfitted with smart office equipment, such as projectors and printers).
As shared accommodation becomes more mass market, the industry will become more focused on safety, says Xiaozhu CEO Chen Chi. The company will invest more resources to incorporate biometric identification technology, and improve its household management services, smart equipment system, and cloud management platform.
Editor's Note: For more information on this topic, please see Short-term Housing Rental Site Xiaozhu Completes USD 65 Mln Funding, MD 11/02/16 issue.
Keywords: M&A VC online travel Jack Ma Internet funding Capital Today Morningside Alibaba Group Chen Chi Xiaozhu Series E Yunfeng Capital BABA Kuaipo Joy Capital short-term rental
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