Tech Financing in China this week – Apartment rentals flourish

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Our weekly column summarizes the tech financing highlights in China this week.

High-quality apartment rental services in China are welcoming a growth opportunity, which is not only making a difference in the saturated property-sharing industry but also conforming to the “Consumption Upgrade” in China. This week, Dankegongyu, an internet-based apartment rental startup that operates long-term apartment rental services for white-collar users, landed USD 100 million for Series B from Banyan Capital, BAI, among others on February 26th. The capital will be allocated toward expanding its apartment rental businesses in more cities in China, particularly in first-tier cities.

1. On February 24th, Omsedu, an edtech startup that provides educational organizations with operational solutions including management, marketing, and teaching support, received USD 2.4 million in funding for a Series-B round from Fortune Capital, Oriza Holdings, Kinzon Capital, and others. The capital will be used to improve Omsedu’s services and expand them to more cities across China.

2. On February 26th, Qingteng, a network security service provider that offers enterprises network security solutions secured USD 32 million in a Series-B financing round led by Sequoia Capital China. The company plans to use the funds to recruit more talent and further invest in the R&D of new products.

3. On February 28th, Dorabot, a robotics startup that mainly provides logistics, e-commerce, express delivery, and other industries with robotics solutions based on AI and machine learning, secured USD tens of millions in funding for Series A+ led by Yunfeng Capital, with participation from existing investor Sinovation Ventures. The capital will be used to enlarge its team and expand its solutions to more industrial cases.

4. On February 28th, Aldwx secured USD 9.5 million in funding for a Series-A financing round led by GSR Ventures. Aldwx is a WeChat Mini Program data analysis platform that helps its partners optimize Mini Programs-oriented business on WeChat. The company plans to use the funds to upgrade its products, expand its team, as well as invest in market expansion plans.

5. On February 28th, Yangcong, an edtech startup that provides students with AI-oriented customized educational experiences, secured USD 20 million in funding for Series C led by Tencent and Legend Capital. The startup will use the capital raised in this round to assemble AI technology to its educational services.

6. On March 1st, Hi Guides, an overseas chauffeured tourism service platform that operates ride-hailing and overseas tour-guide services, landed a USD 50 million funding for Series C led by Sequoia Capital. Hi Guides plans to use the funds to enhance its brand in the overseas tourism industry.

7. On March 1st, CARS, a car trading platform that offers used car and new car trading services, car appraisals, and vehicle financial services and insurance, secured USD 818 million for Series C led by Tencent. CARS will use the fund to facilitate its used car trading business, as well as further invest in branding.

(Top photo from Baidu Images.)

Kaikai Shi
Kaikai Shi

Kaikai Shi writes for us. He holds a bachelor's degree in Biotechnology at Zhejiang University. His interests are in new technology and reading. Kai believes that new technology will change the world we live in, and is trying to engage himself in this process.

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