Long-term apartment rental brand "Ziroom" received 4 billion yuan ($622 million) A round of financing on Tuesday.
It marked the highest single financing amount in China's long-term apartment rental industry so far.
This round of financing is was led by Warburg Pincus, Sequoia Capital China Fund and Tencent, followed by Sunac China, General Atlantic and other institutions.
"We already have a solid cash flow. The purpose of this financing is to introduce more partners and to fuel better development of the company ," said Zuo Hui, chairman of Ziroom.
Ziroom was originally a division of Lianjia, the country’s largest real estate brokerage company, and became independent in 2016. Ziroom now has entered nine cities in China by the end of 2017, and served 200,000 house owners and 1.2 million tenants in total.
Looking forward, the company’s CEO Xiong Lin said while further exploring cities that Ziroom have already hasd a presence, the company will try to enter new cities such as Hangzhou, Tianjin, Guangzhou, Nanjing, Wuhan and Chengdu.