Beike secures $2.4Bn in a Series D+ financing round

Chinese real estate brokerage, Beike Zhaofang, has raised $2.4 billion in a Series D+ round from investors like SoftBank, Tencent, Hillhouse Capital, and Sequoia Capital China.

The new round, which was completed in November 2019, will be used to hire talent, enhance R&D efforts in the industrial internet space and innovate new product applications, Beike said.

“Beike targets to promote the digitalization and industrial optimization of the residential property market, in an attempt to lift the efficiency of China’s residence services and improve customer experience,” said the firm.

SoftBank injected $1 billion into the Series D+ round, which was among the first by a new vehicle SoftBank hopes to become the second Vision Fund, said people familiar with the deal, cited by The Wall Street Journal in a report published earlier this week. The new round valued Beike at slightly over $14 billion.

The billion-dollar round comes about one year after Beike closed $800 million in a Series D round led by Chinese social media and gaming giant Tencent, who was also a major backer of its parent company, Lianjia.

Lianjia, one of China’s largest real estate agencies formerly known as Beijing Lianjia Real Estate Agency Co Ltd, established Beike in April 2018.

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