Xiaozhu raises $300 mil­lion

Global Times US Edition - - BIZUPDATE -

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.

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