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.