Rent installment platform 58 Fangdai receives USD 45 M for Series E
Founder: Wu Chao
Founded in: 2015
Financing status: RMB 300 million (USD 45 million) for Series E financing in 2017
Rent installment platform, 58 Fangdai, received USD 45 M for Series E on August 25 to perfect its rent installment services by introducing financial services.
With so many talents assembling in China’s big cities, the cost of housing–both for sale and for rent–is increasing. Since most people living in these cities cannot afford to own a house, renting seems like a good choice. Meanwhile, because it is always hard to build a relationship of trust between tenants and landlords, landlords tend to ask tenants to pay rent once every three months along with a safety deposit of one month’s rent. Add increasing housing prices to that formula and it becomes easy to see why so many tenants are under financial pressure. The company we are covering today, 58 Fangdai, claims to have a solution to these problems, and secured a USD 45 million Series E financing round.
58 Fangdai is a platform that provides rent installment payment services between tenants and landlords. 58 Fengdai launched its credit-based rental service with the real estate agency Woai Wojia and Alibaba’s consumer credit rating service, Zhima Credit. The service allows users to rent an apartment with zero interest and zero service fees if their credit score is good enough, but it charges service fees for installment payments if their credit score is not high enough. It also offers different discounts based on tenants’ credit scores.
Founded in 2015 in Nanjing, its rent installment service is currently available in more than 20 cities in China, including Beijing, Nanjing, and Shanghai. It has so far secured 200,000 rent orders on its platform, with a turnover of more than RMB 14 billion.
This new financing round was led by Mingdaojinkong, with some existing investors participating. The capital will be used to combine its rent installment service with financial services, and prepare for IPO overseas.
Bulk commodity logistics trading platform Haoyunhu received USD 7 M for Series A
Founder: Wang Bo
Founded in: 2015
Financing status: RMB 47 million (USD 7 million) for Series A financing in 2017
Bulk commodity logistics trading platform, Haoyunhu, received USD 7 M for Series A on August 28 to boost trading efficiency through information technology.
Haoyunhu is a bulk commodity logistics trading platform that provides logistics solutions for land, water, and multimodal transportation. It can help its business partners transport bulk commodities that traditionally are difficult or expensive to move, such as steel, plastic, wood, mechanical equipment, stone, cement, home building materials, chemical fiber, and agricultural products.
Founded in 2015 in Shanghai, it has set up 21 subsidiary branches across China. According to the data provided by the platform, the total turnover of transportation on its platform since it was founded exceeds 5 million tons, and it has earned over RMB 300 million in revenue with more than 10 single orders in total. Its bulk commodity trading logistics services cover more than 20,000 business partners, with an increase of more than 700 new customers. Additionally, there are over 3000 trucking and shipping carriers available on its platform.
Haoyunhu grabbed this Series A financing round led by DCM, with 01VC participating as investors. The company plans to use the funds to update its products to facilitate the operational process, as well as introduce advanced technology to boost its trading efficiency.
(Top photo from 699.com)