China’s Danke Apartment raises $500M

According to MAGNiTT’s 2018 MENA Venture Investment Report, there was a total of $893M invested in startups in the Middle East and North Africa (MENA) in 2018. When comparing this to international markets like the United States and Europe, or even Silicon Valley by itself, this number pales in comparison.

Another market that has seen a massive increase in both number of deals and total investment in startups is China. Recently, Chinese startup Danke Apartment, whose name means “eggshell” in Chinese, closed a $500M Series C round led by existing investor Tiger Global Management and newcomer Ant Financial, Alibaba’s e-payment and financial affiliate. Hence, it is no wonder that Chinese funding is so large compared to the MENA region, seeing the size of these rounds.

Beijing-based Danke wants to provide more affordable housing for young Chinese working in large urban centers, very much like WeWork for housing instead of working. The startup divides a flat designed for a family of three to four into smaller units, in which young professionals can afford to live. Learn more about the $500M fundraise and Danke’s business model here.