Chinese Crowdfunding Platform Scores $10 Million Series A
Chinese crowdfunding may not garner as much buzz as its internet and e-commerce counterparts, but that doesn’t mean it doesn’t have its admirers.
DCM Ventures has led a US$10 million series A round in Duocaitou, a Chinese crowdfunding platform focused on hotel and apartment projects, with participation from Shunwei Capital, according to a company announcement.
Doucaitou, which was founded back in 2014, has purportedly provided fundraising services for projects “in 375 locations” across the world. It apparently helped finance projects in Japan, Australia, Thailand, South Korea, and the U.S., aside from undertakings in its native China.
It previously raised several thousands of yuan from Innoangel Fund, Share Capital, and Shunwei Capital during its pre-Series A. Prior to that, the company had raised an undisclosed amount from Shunwei during an angel round.
Speaking of Shunwei, here’s what one of the firm’s partners had to say:
“With the rapid development of China’s leisure industry, hotels with better design and services will be welcomed by customers, said Li Rui, a partner at Shunwei Capital. “The development of these hotels need capital support, and Duocaitou helps to provide an alternative fundraising platform and marketing opportunities for hotel operators.”
Photo: Rocío Lara