Nanjing-based Bahao Kongjian Network Technology, operator of short-term housing rental platform Bahao Kongjian, has announced it is preparing for an angel round of funding and is seeking to raise RMB 5 mln. In March of this year, the company won RMB 1 mln in seed funding through an 8-day online funding campaign.
Launched in April of this year, Bahao Kongjian is focused on creating a platform for finding shared boutique accommodation spaces, and is primarily targeted towards the long-term, short-term, entertainment, dating and other accommodation needs of college students.
Users can perform self-check-in and check-out functions via the company's WeChat applet, with primary selection being composed of residential buildings and other private residential areas. Each room is equipped with a high-definition projector that has access to the online video platform of iQiyi (Nasdaq: IQ).
Currently there are more than 5,000 registered users on Bahao Kongjian, with over 50 accommodation spaces. There are also a variety of rental modes such as time-sharing, whole-night rental, and full-day rental, with unit prices starting at RMB 150.
Profits have primarily come from rental fees so far, but the company has stated that by the end of 2018, it will pilot a partnership program with businesses located near college campuses, and thereby also begin collecting franchise fees as well.