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Online Long-term Apartment Rental Platform Mofang Wins USD 200 Mln Funding

PE Daily, 5/21/15

Online long-term apartment rental platform operator Mofang Apartment Management has received an additional USD 200 mln in funding from Warburg Pincus, who previously invested USD 60 mln in Series B financing. With the completion of the funding, Mofang Apartment will launch the "Apartment +" strategy which will strive to provide comprehensive life services on top of giving customers a place to live.

Founded in January 2010, Mofang Apartment owns the units that it rents through the online platform. Mofang also provides property management, housekeeping, and package receiving, and regularly holds events for professional training, job fairs, and finance. Mofang partners with financial institutions and internet finance companies, such as Bank of Beijing and P2P lending platform PPDai.com, to provide rental installment plans for renters.

Mofang Apartment has 70 buildings with more than 10,000 units and nearly 20,000 residents. The company plans to open 100 new buildings before the end of the year and will begin franchising in the second half of the year.

Keywords: VC online real estate Mofang Apartment Management Internet funding Warburg Pincus second-round installment plan online lending

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