58’s Housing Vertical Taofang.com Raising US$10M in Series A

Taofang.com, the housing vertical affiliate of China’s classified ads site 58.com announced today raising US$ 10 million in its Series A round of financing from Recruit, the largest Japanese classified service.

Founded in June 2008, Taofang.com has a sharpened focus on aggregating online information related to resold apartments for both sellers and buyers or lenders and renters. 58.com acquired the service in July of last year in an effort to ramp up its presence in online housing service market.

The funding will go towards product and technology enhancements as the site’s traffic and usage are picking up.

Taofang believes that the new funding will help  the Beijing-based company gain more attraction among house-owners and property agents.