Online decoration platform Meijiabang has completed a new round of fundraising and claims its valuation exceeds RMB one billion (USD 157 million), Tencent Tech reports on Tuesday.
The round of funding is led by Lang Ma Feng VC. Founded in 2007, Lang Ma Feng VC focuses on the medical, educational, IT, and mobile internet industry. The company’s A series of funding was lead by Internet giant Tencent.
Founded in last September, Meijiabang provides online services for home decoration. Its major product is “innovation for 777 yuan per meter square”. Meijiabang’s app has now become the leading app of its kind in China with over five million users. It has already settled in 16 cities in China, and it will enter more than 60 cities next year.
Dai Hongliang, the founder of Meijiabang, is a decorations guru. The X Tuanzhuangxiu app which he set up eight years ago, is now one of the most authoritative third party decoration platforms. With the user base of X Tuanzhuangxiu and support from Tencent, Meijiabang has acquired quality users at low cost.