Xiaozhu raises $300 million
Chinese home-sharing giant Xiaozhu.com, often dubbed China’s answer to Airbnb, has secured a new round of financing worth about $300 million, the company announced on Wednesday.
The new injection of money came from investors like Singapore’s sovereign wealth fund GIC Private, as well as Yunfeng Capital, which was co-founded by Alibaba’s Jack Ma, Xiaozhu said.
Xiaozhu will channel more investment into improving security mechanisms in the home-sharing industry and diversifying its services, according to Chen Chi, co-founder and CEO of the company.
The start-up has introduced facial recognition technologies for door locks in 40 cities nationwide.