Xiaozhu, known as China's Airbnb, is set to broaden its services and invest in improved security for the home-sharing sector after raising $300m in its latest funding round. Yunfeng Capital, founded by Jack Ma, and Singapore's wealth fund GIC Private were among the participants. The company said it would use that money to expand into new markets such as China, where home renting has been a growing business since last year. Xiaozhu will leverage the home-sharing platform to build an expansive coordination network, allowing more people to benefit from the booming sharing economy, according to Chen. That figure is expected to climb to CNY50bn in 2020, according to the State Information Center.
Xiaozhu, known as China's Airbnb, is set to broaden its services and invest in improved security for the home-sharing sector after raising $300m in its latest funding round. Yunfeng Capital, founded by Jack Ma, and Singapore's wealth fund GIC Private were among the participants. The company said it would use that money to expand into new markets such as China, where home renting has been a growing business since last year. That figure is expected to climb to CNY50bn in 2020, according to the State Information Center.