Chinese property rental platform Danke Gongyu raises $70m led by Tiger Global

Image from Danke Gongyu website.

Chinese property startup Danke Gongyu has raised a $70 million Series B+ round led by New York-based Tiger Global Management, according to an announcement.

Other investors who took part in the round include existing backers – China Media Capital, Gaorong Capital (formerly known as Banyan Capital), Joy Capital, Vision Plus Capital, Beterlsmann Asia Investments – and Shenzhen Youjin Investment Management.

The funding round comes shortly after the apartment leasing platform raised a $100 million Series B round led by CMC Capital and Gaorong Capital this February. It raised a $14 million A+ round in June 2017, led by Joy Capital.

Founded in early 2015, Beijing-based Danke Gongyu now has over 120,000 apartments on its leasing platform and has a presence in Chinese major cities such as Beijing, Shenzhen, Shanghai, Hangzhou, Tianjin, Wuhan, Nanjing and Guangzhou. The aim is to hit 300,000 apartments by end of this year.

Rental options have become an attractive alternative than buying a home due to skyrocketing property prices in China’s major cities.

Last month, Chengdu-based Uoko raised a $157 million Series C1 financing from Shenzhen Venture Capital, Greentown Service Group and Galaxy Holdings. Morgan Stanley Private Equity Asia has co-led more than $100 million Series C round in Qingke this April while Nanjing-based Coming Space has closed a $29 million Series B round led by Taiwanese conglomerate Neoglory Group in June 2017.

Also Read:

China’s CMC, Banyan Capital back apartment rental site Danke’s $100m Series B

Morgan Stanley PE Asia co-leads $100m Series C in Chinese apartment rental firm QingKe

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.