Xiaozhu.com Raises US$60 Million from Joy Capital, Morningside, CITIC Capital and Magic Stone (Asia)
Source: Asian Venture Capital Journal | Author(s): Winnie Liu
China-based Xiaozhu.com, a short-term home-rental platform, has raised a US$60 million Series C financing round led by Joy Capital, a venture capital spinout from Legend Capital. Private investment group Morningside Technologies, China-focused private equity firm CITIC Capital and China-focused fund of funds and secondary investor Magic Stone Alternative Investments also participated in the round. Xiaozhu.com was launched in 2012 and operates a business model similar to United States-based home-sharing website Airbnb. The new funding will be used for brand building, business development, hiring more staff and improving users' experience.