Vertex Venture Holdings Ltd., the venture capital unit of Singapore’s state investor Temasek Holdings, has led a Series B round worth “tens of millions of U.S. dollars” in Chinese online-to-offline (O2O) real estate agency Julive, with support from existing investor Source Code Capital.
The Chinese company had last raised a Series A round from Source Code Capital and K2VC in 2016.
In an official statement, Xu Ying, a general partner at Vertex, said, “Vertex has been focused on the online-to-offline sector, which can improve the efficiency of the consumer industry, and we are optimistic about the business model of combining digital data and offline services. We believe that Julive will remain as the leading player in the real estate agency O2O industry in China.”
Founded in 2014, Julive is an online property trading platform which claims to utilise big data and artificial intelligence (AI) solutions to enhance its offerings. It has built a connected infrastructure of search engines, e-commerce platforms and new media platforms to provide home sales information, consulting services and real estate market data.
According to the company, it plans to launch a voice search feature in the near future and add VR property viewing in the next two years.
To date, Julive operates in seven cities in China, including Beijing, Shanghai, Guangzhou and Suzhou and claims that it facilitates average monthly transactions worth RMB1 billion ($140 million).
The O2O category in China applies not only to travel, transportation and other services, but often to services that may be arranged for online, then paid for at the point of service. In the US and UK, O2O is generally considered shorthand for click-and-collect commerce.
Digital activities that would not be considered O2O in the US such as making a dinner reservation or medical appointment booking are not counted as such due to payment in China being made via mobile.