Short-term rental platform 58fanshome announced that it had raised RMB 5 million (USD 717,800) in an angel round of financing joined by Datong Culture and Tourism Venture.
58fanshome was founded in March this year as a global short-term rental platform to provide leisure travelers access to villas, home parties, resorts, mountain/sea view houses, tree houses, caravan camps and yacht clubs. It is creating a C2B business model referencing the Airbnb model.
58fanshome integrates idle properties and private listings on its platform, and modifies the units to meet the diversified needs of users. Hosts may choose to operate independently or have professional chains run the rentals. Guests on the other hand can search for accommodation near their chosen destinations via its application.
In 2014, the company tested the feasibility of its C2B rental business with a number of its directly-managed stores in Shanghai, Wuxi, Hangzhou, Nantong, Yangzhou and other cities. The turnover of the C2B short-term rental model exceeded expectations in the end.
At present, the platform has launched its app for operations, and it is reaching into both the domestic and global markets while refining the products. The company aims to follow up with an A-round of financing in early 2019 to take its market cap to 200 million yuan.