Second-hand housing platform raises tens of millions of dollars in Series B financing

Real-estate O2O platform has raised tens of millions of dollars in Series B financing on Tuesday, Chinese tech media reports.

Susquehanna International Group of Companies (SIG) led this round of investment, along with Zhi Xin Capital, Will Hunting Capital and Jiu Chuang Capital. The platform received an undisclosed amount of Series A funding from Zhi Xin Capital last year.

The platform name stems from the name “Wukong Zhaofang”, which means a magical way to help you find housing. WKZF CTO, Li Lei, told that the next phase for the platform will be to incoporate high-definition videos for viewing houses, which will include viewing angles from drones. He predicts this will cut 80% of the costs associated with viewing houses in person.

Founded in Shanghai last August, the platform focuses on second-hand housing. Unlike its competitors, the platform doesn’t charge a commission. It uses an algorithm to match suitable agents based on user need and provides an appointment system. In addition, the platform also has an online bidding system.  

The founder and CEO of the platform, Qian Jianguo, elaborated on how the platform survives among the competition. He said the platform taking a zero commission approach means it is not fighting a price war, instead, it is breaking tradition. Taking advantage of the internet, he hopes to create a transparent platform that will remove inefficiencies from the middle.

The platform claims it has a team of 800 agents, with 90,000 houses listed. Shanghai-based users can use their website or mobile app to receive housing information. The platform has plans to expand to other Chinese cities in the future.

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