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§ Public · Beijing, China
Residential rental platform leasing, renovating, and subletting apartments for young professionals in major Chinese cities.
Beijing, China-based Danke Apartment is a residential real estate platform that leases properties from individual owners, renovates them to standardized designs, and sublets them to young urban professionals. The company manages the entire leasing process digitally and expanded its portfolio to over 438,309 rental units across 13 major Chinese cities by late 2019. Prior to its financial collapse and subsequent exchange delisting, the firm generated $699 million in revenue during the first nine months of 2019 and filed for a $100 million initial public offering on the NYSE. The organization secured significant venture backing, including a $500 million Series C funding round at a valuation exceeding $2 billion, drawing institutional capital from prominent investors like Tiger Global Management, Ant Financial, and Primavera Capital. Danke Apartment was originally founded in 2015 by Gao Jing and Yan Cui.
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 Tiger Global Management, Balderton Capital, Adeyemi Ajao, monashees, Gregory Waldorf, CMC Capital, Gaorong Capital, Joy Capital, Primavera Capital Group, BAI Capital, Vision Plus Capital, Youjin Investment Management.
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 | Status |
|---|---|---|---|---|
| Feb 1, 2019 | $500M Series C | Tiger Global Management | Balderton Capital, Adeyemi Ajao, Monashees, Gregory Waldorf, CMC Capital, Gaorong Capital, JOY Capital, Primavera Capital Group | Announced |
| Jun 1, 2018 | $70M Series B | Tiger Global Management | Balderton Capital, Adeyemi Ajao, Monashees, Gregory Waldorf, BAI Capital, CMC Capital, Gaorong Capital, JOY Capital, Vision Plus Capital, Youjin Investment Management | Announced |
| Feb 1, 2018 | $100M Series B | Banyan Capital, CMC Capital | Gaorong Capital, JOY Capital, BAI Capital, Vision Capital, Youjin Investment Management | Announced |