The Bertelsmann-backed short-term accommodation platform has received $120m in a round that valued it at $1bn or more.
Xiaozhu, a China-based online accommodation marketplace backed by media group Bertelsmann, secured $120m today in a funding round led by private equity firm Yunfeng Capital.
Private equity firm Capital Today and venture capital firms Joy Capital and Morningside Ventures also took part in the round, which was closed at a $1bn+ valuation and which increased the company’s overall funding to more than $260m since it was founded in 2012.
Xiaozhu’s core business is an Airbnb-like short-term accommodation marketplace that now…
