Beijing-based Meiaoju.com, an online platform for Chinese buyers finding overseas property, has received RMB50 million ($8 million) in series A funding, according to Chinese media reports.
Meiaoju, which means “America Australia homes” in Chinese, previously received several millions RMB in seed funding from Zhen Fund and TXD Ventures.
Launched earlier this month, Meiaoju bridges the information gap between domestic Chinese homebuyers and overseas real estate developers. It also reviews the qualifications of developers in order to protect the buyers.
The site has built partnership with tens of real estate developers in Australia and the U.S. It claims that about 55% of home hunters come from Beijing, Shanghai, Guangdong and Zhejiang province, while nearly 20% are from abroad.
Founded in 1996 by David Chao and Dixon Doll, DCM has offices in Sillicon Valley, Beijing and Tokyo, with over US$2.5 billion under management. It has invested in over 40 companies in China and exited 11 investments through IPO and trade sales.
Those companies include Yongche.com, U-cloud, Tuniu.com, Vipshop.com, 58.com, renren.com, Dangdang.com, 51job.com and Shanghai Luxin Packing Materials Science & Technology.
Earlier this month, DCM closed its latest China-focused fund DCM VII at US$330 million, which will focus on the technology, media and telecom (TMT) industry, including internet, mobile, cloud computing and consumer-related start-ups. It will also support high-technology firms in the U.S. and Japan.