Rental apartment startup Mofang raises USD 150 mln in series D funding
Mar 12, 2019 (China Knowledge) - Chinese rental apartment operator Mofang Apartment has completed its series D funding, raising USD 150 million in the process.
The funding round was led by CDPQ which is a Canadian institutional fund management firm which manages funds for public and para-public pension funds and insurance plans.
Mofang had managed to raise USD 400 million over its three previous rounds of equity fundraising with private equity giant Warburg Pincus as its largest shareholder.
The company will use the fresh capital to expand its market presence and enhance their operational capabilities while also launching new initiatives to expand its franchise business. The company’s expansion will be done through joint ventures with local companies to accelerate its market entry into the various Chinese cities.
Mofang which was founded in 2009 has made several real estate acquisitions over the last few years and also co-developed projects with real estate developers to strengthen its presence in the Chinese market to become a leader in the long-term rental apartment market.
In addition, its investors such as Warburg Pincus will also continue to support the company in its future projects through its various financing and property related resources, helping the company to accelerate its development and consolidate its position as a market leader.
Warburg Pincus itself has a strong background in the Chinese property rental market, having many several investments into companies in the industry such as Ziroom, Nova and Hong Kong-based Weave Co-Living.
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