Property portal for young people in China’s second tier cities secures $22M investment

Uoko, a youth-oriented property portal from China, has raised a US$22 million series B round of funding from Matrix Partners China, SIG, and Legend Capital, according to 36kr.

Currently only available in the cities of Chengdu and Wuhan, Uoko aims to fill the gap of single-room apartments in second-tier cities. While other startups like Ziroom already serve big cities such as Beijing and Shanghai, second-tier cities have a notable lack of living space for young singles on a budget. These students and young professionals are often forced to live at home with their parents.

Uoko’s previous rounds include RMB 3 million (US$488,000) in angel investment in 2013 and a US$4 million series A round from Legend Capital earlier this year.

The studios, suites, and bedsits typically cost less than RMB 1,000 (US$163) per month to rent. The site is easy to navigate and intuitive, but many of the property photos seem to be duplicates, which means they what you see might not be what you get.

Uoko has listed 3,000 units since it launched in 2012, with an occupancy rate of about 95 percent. With this latest funding round, the team is considering expanding to more cities, but has not made a definite decision yet.

See: Xiaomi founder Lei Jun invests in huge housing project for young startups

(Source: 36kr)