Sequoia Capital led a RMB150 million (US$22.6 million) series B round in Chinese property search engine Zhuge.com, according to its official announcement.
Existing investors Fosun RZ Capital, Maintrend Capital, Aqua Ventures, Suben Investment and Shanghai Resource Property Consulting also participated in the round.
With this round of financing, Zhuge.com has raised a total of nearly RMB300 million(US$45.3 million) in just two years. In June 2016, Zhuge.com raised RMB10 million (US$1.5 million) from Aqua Ventures. Four months later, the firm completed a RMB30 million (US$4.5 million) Pre-A round led by Fosun Kinzon Capital. In March 2017, Zhuge.com obtained a RMB50 million in series A round from Maintrend Capital and other existing investors.
The latest proceeds will be used to strengthen the brand marketing, product upgrade and urban expansion.
In the real estate market, the problem on false and repeated information has been long-standing. Founded in 2015, Zhuge.com is headquartered in Beijing and aims to collect, filter and sort out all property information at the source with the underlying algorithm of big data.
For end users, Zhuge.com screens houses and provides details including current quotation, historical quotation and agency fee of each house on different platforms.
With data from its user traffic, Zhuge.com also helps real estate service providers such as house agents and property developers to guide their own online traffic.
So far, the engine provides search services for second-hand houses, new houses, rental houses and apartments in 328 cities across China to over 20 million users.
Chinese real estate market has been persistently thriving. Last month, Chinese online market place for classifieds ads 58.com Inc. acquired a minority stake of 8.28% in Shenzhen-listed Chinese rental brokerage company 5I5J for RMB1.1 billion (US$164 million) in cash. In May, Singapore’s sovereign wealth fund GIC announced it would partner with Nova, a Shanghai-based investment manager co-founded by Warburg Pincus, to establish a RMB4.3 billion (US$675 million ) rental apartment platform in China.