Joy Capital leads $14m series A+ in Chinese apartment rental platform Danke Gongyu

Image from Danke Gongyu website.

Joy Capital, a Chinese venture capital firm that spun out from Legend Capital, has led an RMB100-million ($14 million) series A+ round in a Beijing-based online apartment rental platform Danke Gongyu.

Other investors included co-working space startup UrWork and existing investor Kaiwuhuadeng, according to a China Money Network report.

Last week, LinkedIn China president Derek Shen announced that he was leaving the firm to chair Danke Gongyu in which he had invested in 2014. Danke Gongyu reportedly owns 300,000 apartments ready for lease with its core management team from Nuomi.

The startup, founded in 2015, currently operates in Beijing, Shanghai, Shenzhen and Hangzhou. The funding will be used to expand its operation to more cities including Tianjin, Guangzhou and Wuhan as well as upgrade its big data and technology centre.

“The apartment rental industry’s market size reached over a trillion RMB in 2016,” said Liu Erhai, founding partner at JOY. “Real estate services are an important part of JOY’s investments, and we will fully support Danke’s development in the future.”

Its competitor Coming Space also secured an RMB200 million ($29 million) series B round from Taiwan’s real estate conglomerate Neoglory Group.

Also read:

China: Co-working startup Mydream+ raises $20m in Series B led by Joy Capital

China: Joy Capital raises $200m for debut venture fund

Taiwan’s Neoglory leads $29m Series B in Chinese apartment rental startup

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.