Chinese proptech startup bags seed funding from Sequoia-linked ZhenFund, GGV

Chinese property tech startup Blue Wall said it has raised an undisclosed amount of seed funding in a round led by early-stage venture capital firm ZhenFund and US-based GGV Capital.

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Established in 2019, Blue Wall uses artificial intelligence, big data, and cloud technology to allow owners, field workers and other parties involved in real estate work to communicate, share information, and track progress in one platform.

The proptech firm plans to use the fresh funds to expand its product lines and bankroll its growth initiatives in China’s real estate and construction market.

According to a Mordor Intelligence report, China currently has the largest building market globally, accounting for 20% of all construction investment worldwide. The study also stated that China is expected to spend roughly US$13 trillion on buildings by 2030.

Blue Wall was founded by Jeffrey Bai, the former director of Asia Pacific at online ticket marketplace Viagogo. He now leads Blue Wall’s founding team, which has decades of combined experience coming from companies such as Alibaba, Tencent, Cisco, Nio, WeWork, and Vanke.

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Founded in 2011, ZhenFund is a seed fund established by entrepreneurs Bob Xiaoping Xu and Victor Qiang Wang in collaboration with Sequoia Capital China. It has since established a network of over 700 portfolio companies, including over 10 unicorns based in China.