China Airbnb rival raises nearly $300 million from Jack Ma fund

Chinese short-term rental firm said on Wednesday it has raised nearly $300 million in a funding round led by Jack Ma's Yunfeng Capital, amid fierce competition from U.S. giant Airbnb Inc and local rival, Reuters reports.

The company did not disclose its new valuation but said in November 2017 that it was worth more than $1 billion after closing a $120 million round, also led by Yunfeng Capital.

Xiaozhu said it will also launch a smart service and security system for its platform backed by technology from Alibaba Group Holding Ltd.