Xiaozhu, the China-based home-sharing platform, has raised about $300 million in funding.
The investment round is jointly led by Yunfeng Capital, which is backed by Alibaba co-founder and chairman Jack Ma, and Advantech Capital.
Additional investors participating in the funding include GIC Private, Joy Capital, Morningside Ventures and Capital Today.
Yunfeng was also lead investor for a $120 million round announced about a year ago.
In a statement, Xiaozhu co-founder and CEO Chen Chi says the latest funds will go towards expansion as well as the development of a smart-home Internet of Things system.
Subscribe to the PhocusWire newsletter below
Xiaozhu, which was founded in 2012, says it now has more than 500,000 listings in more than 650 destinations across the world.
The company has partnerships with both Agoda and Alibaba's travel brand Fliggy to share properties and offer additional services.
The home-sharing business in China is highly competitive with Airbnb, which recently recruited a local entrepreneur as its China president and is not shy about its ambitions, and Tujia, which is also vying for attention and raised $300 million a year ago to fund its expansion.
