PropTech scaleup Tianjin Xiaowu Information Technology, which is also known as both Beike Zhaofang and Ke.com, has raised a massive $1.2bn capital injection from seven investors. The Series D round means it’s valued at more than $10bn, making it a unicorn ten time over.
Seven investors joined the round. Venture capital firms Strait Capital Investment Group and Source Code Capital provided some of the investment as did private equity investors New Horizon Capital, Gaw Capital Partners. Hillhouse Capital Group, the fundamental equities firm, Country Garden, the property development company, and Country Garden, the investment bank, also joined the Series D.
Beike Zhaofang is an online real estate brokerage based in Beijing, China. Its business is based around its real estate platform. Renters and homebuyers can use the platform to find relevant property listings and financial services.
The service available in both Beike Zhaofang’s native Chine as well as in the United States, Canada, Australia, New Zealand, Britain, France，Germany, Singapore, Japan, Thailand and Korea. The overseas operations have over online 10,000 listings.
According to Sohu.com, Beike Zhaofang will use the round to scale the company further. This push will focus on improving the company’s infrastructure and its team.
News about the money injection were first reported in March 2019. However, it’s only now that the details have been released. Back in March, Mingtiandi, the Asian real estate intelligence site, reported that the company kept quiet about the details as it was still negotiating with investors.
Beike Zhaofang was launched in 2018 and it is an offshoot of Lianjia, the Chinese brokerage giant.
Copyright © FinTech Global 2019
