SpaceBox, a Beijing-based short-term rental service provider, has recently won nearly 20 million yuan (USD 2.95 million) in its Series A financing. AquaVentures was the lead investor and Will Hunting Capital also joined the investment.
In January 2018, the startup acquired millions of yuan from Will Hunting Capital in an angel funding round.
Launched in July 2017, SpaceBox adopts a hotel timeshare business model for multifunctional space. It reinvents conventional accommodation space with smart technology, space management and operation solutions.
Users can book guest rooms by the hour through MovieBox, LoversBox or GameBox via its WeChat miniprogram. It also provides remodeling service for hotels to provide versatile accommodation choices combined with movies, gatherings, coffee and other elements, catering to the lifestyle preferences of young people.
By the end of 2018, SpaceBox had made available nearly 1,000 rooms for 150,000 core members. The repurchase rate was over 60%. In addition to having SpaceBox rooms in Beijing, Shanghai, Wuhan, Guangzhou and Hangzhou, the company will continue to accelerate its expansion in 2019 and introduce mid- to high-end leisure accommodation for office workers.