Chinese Airbnb-type service Xiaozhu raises $15 million
Xiaozhu, a peer to peer accommodation rental marketplace, has raised $15 million in a Series B round led by Legend Capital.
Previous investor Morningside Capital has followed up contribution to the $10 million Series A in late-2012 by also participaty in latest fund-raising.
The Beijing-based company says it will use the fund to recruit new employees (current team strength is 50), further develop the product, engaging in brand building exercises and also improve the overall user experience.
The company, which cites Airbnb as its major competitor, enables accommodation owners to list a property for a fee.
User bookings are taken online.
CEO of Xiaozhu, Chen Chi, told Tnooz the company has around 20,000 listings on site, and on an average it receives bookings of about 2,000 room nights per day.
Founded in August 2012, Xiaozhu has operations in 13 cities in China, with listings across 130 cities. The company’s focus for the next one year is to increase its accommodation listing on site.
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