Danke Apartment is a technology company.
Danke Apartment has raised $670.0M across 3 funding rounds.
Danke Apartment has raised $670.0M in total across 3 funding rounds.
Danke Apartment is a technology-enabled apartment management platform specializing in long-term rental apartments within China's real estate sector.[1] It operates a co-living platform that sources apartments from owners, renovates them to a fixed standard, and manages them across multiple cities, primarily serving young urban professionals seeking standardized rental experiences.[1][2][4] The company solves inefficiencies in the traditional housing rental market by leveraging technology for services like cleaning, maintenance, security, and community activities, while transforming suburban and urban living spaces.[1][3]
Founded in 2015 and headquartered in Beijing, Danke raised $874M in funding, went public via IPO in January 2020 (listed as Phoenix Tree), but faced delisting from the NYSE in 2021 amid post-COVID challenges in the long-term rental sector.[1][2] Despite revenue growth from $374M to $699M in the first nine months of 2019, it reported a $352M net loss, reflecting aggressive expansion before industry headwinds.[2]
Danke Apartment was founded in 2015 in Beijing by entrepreneurs targeting China's burgeoning urban rental market for young professionals.[1][4] The idea emerged amid rapid urbanization, where demand for standardized, hassle-free rentals outpaced fragmented traditional options; the company positioned itself as a tech-driven intermediary, sourcing properties from owners and standardizing them for tenants across 13 cities.[2]
Early traction came through venture funding: Joy Capital led a $14.7M Series A+ in 2017 with UCommune and KIT Cube, followed by a $60M Series B in 2018 from Bertelsmann Asia Investments (BAI), Joy Capital, China Media Capital (CMC), and others.[2] A $500M Series C in 2019, co-led by Ant Financial and Tiger Global at a $2B valuation, fueled hyper-growth before its January 2020 IPO raising nearly $130M.[1][2] Pivotal moments included rapid city expansion and tech integration, though COVID-19 triggered sector shake-ups, leading to its 2021 NYSE delisting.[1]
Danke rides China's urbanization and rental housing transformation trend, where cities shift from suburban industrial dorms to modern co-living amid rising young professional demand.[1] Timing aligned with pre-2020 tech-real estate convergence, fueled by investors like Ant Financial and Tiger Global betting on O2O platforms to digitize fragmented rentals.[2]
Market forces like post-COVID recovery and government pushes for rental housing favor scalable tech players, though Danke's delisting highlights sector risks from economic shocks.[1] It influences the ecosystem by pioneering standards (e.g., air quality) and pressuring competitors like Ziroom, accelerating tech adoption in residential real estate despite ups and downs.[1][3]
Danke's resilience post-delisting positions it to capitalize on China's rental rebound, potentially relisting or expanding via tech upgrades like AI-driven matching and sustainability features. Trends like hybrid work and urban migration will shape its path, amplifying co-living's role in affordable housing. Its influence may evolve from high-growth disruptor to mature platform operator, sustaining tech-real estate innovation if it navigates regulatory and economic hurdles—echoing its origins as a bold urban rental transformer.[1][2][3]
Danke Apartment has raised $670.0M in total across 3 funding rounds.
Danke Apartment's investors include Balderton Capital, Adeyemi Ajao, monashees, Tiger Global Management, Gregory Waldorf, Gaorong Capital, Joy Capital.
Danke Apartment has raised $670.0M across 3 funding rounds. Most recently, it raised $500.0M Series C in February 2019.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Feb 1, 2019 | $500.0M Series C | Balderton Capital, Adeyemi Ajao, monashees, Tiger Global Management, Gregory Waldorf | |
| Jun 1, 2018 | $70.0M Series B | Balderton Capital, Adeyemi Ajao, monashees, Tiger Global Management, Gregory Waldorf | |
| Feb 1, 2018 | $100.0M Series B | Gaorong Capital, Joy Capital |