Sichuan-based Uoko Investment Management, operator of online housing rental platform Uoko.com, recently announced completion of Series C1 funding from Shenzhen Capital Group, Greentown Service Group (2869.HK), Shenzhen-based Galaxy Real Estate Development, Legend Capital, Matrix Partners China, and SIG Asia Investment. The company has also finalized corporate credit and installment loans from financial institutions including China CITIC Bank Corporation, Xiaomi-backed XW Bank, and Zhejiang-based Internet Commerce Banking (MYBank), and its asset-backed securities (ABS) program has reached the brokerage report submission stage. The current round of funding, including both equity and debt financing, totals nearly RMB 1 bln.
Uoko was established in 2012 and mainly operates decentralized apartment properties. The platform caters to young users who have graduated from university in the past 1-3 years, and shared rental products account for 90% of the platform's listings. An average room rental costs between RMB 1,000-1,500 per month. Uoko currently covers properties in Chengdu, Wuhan, Beijing, and Hangzhou and has more than 40,000 rooms. It has served over 10,000 property owners and 80,000 renters. Operating revenues reached nearly RMB 1 bln in 2017.
In 2017, Uoko's Chengdu rental operations were profitable. The company also launched a blue-collar apartment rental product that has rental rates above 97% and is currently operating at a profit.
In addition, Uoko has developed a product line for landlords, which mainly offers operations and management solutions for state-owned leasing companies and real estate property developers. The company has developed its of SaaS system and smart locks and meters to help institutional landlords manage their operations. The product line is currently used for projects in Chengdu and Wuhan.
Keywords: VC M&A 2869.HK Sichuan XW Bank China CITIC Bank Internet funding debt financing SIG Legend Capital Matrix Partners Shenzhen Capital Group Series C online housing rental Uoko MYbank Greentown long-term housing rental Galaxy Real Estate online real estate