Shanghai based real estate financing company Momfo has secured a $14.3 Million Series A funding led by Gobi Partners and Kaitai Capital. Momfo raised a pre-Series A round from domestic VC firms In Capital and Newsion Venture Capital. The proceeds from the latest round will be used to support market expansion efforts and to add new business partners.
Launched last August, Shanghai-based Momfo provides short-term financing solutions for real estate companies, hotels and landlords to increase property utilization. Property owners can use the platform to source capital for remodeling, furnishing, materials purchasing, and other home renovation costs. It follows a crowdfunding model, under which individuals can invest for periods of 30, 90 and 180 days, with annual interest rates of 8-12%. Momfo also provides a wide range of support services for properties, including design, furnishing, and rental and post-rental services. The platform currently offers an inventory covering of more than 100 apartment complexes, hotels, commercial buildings, office units and workspaces. For apartment complexes alone, Momfo claims to have a network of 200,000 rooms, representing over RMB100 million ($15 million) in completed financings.