Real Estate Service Fangdd Raises US$80M of Series B Financing
Fangdd, a Shenzhen-based real estate operation service platform, announced it has secured US$80 million of Series B funding from Vision Knight Capital China Fund, Lightspeed China Partners and Series A investor CDH Venture. The company added that it has received the capital on June 28.
Founded in October 2011, Fangdd is a real estate shopping guide information platform that provides marketing services to property developers, brokerage agencies and home buyers. Fangdd is based on a “pay-for-performance” model, different from other domestic online estate services that charge customers for listing property information on the platforms, like SouFun and Anjuke.
In addition to the web portal, Fangdd also developed four apps. Fangdd, a namesake mobile app of the company, is focused on individual home buyers who want to find property information. Fangdd Realtor is dedicated to brokers who sell second-hand houses. Both of these two services are now only available in Shanghai. Fangdiantong is a marketing platform for property developers and breakage agencies, and Fangpaipai is a dedicated camera app helping brokers to take high-quality pictures for houses.
According to data released by the company, Fangddd cooperates with more than 5,000 real estate agencies countrywide and lots of first-tier real estate developers including, Vanke, Poly Group, Greenland Group, Longfor, Wanda. Fangdd is now operating in more than 30 cities, including Shanghai, Shenzhen, Wuxi, Nanjing, Chongqing, etc. Its turnover reached 50 billion yuan (around US$8 billion) in the first half of this year and this figure is expected to exceed 150 billion yuan by the end of 2014.