Decoration service platform To8to recently announced that it raised around 100 million yuan ($16.48 Million) of Series B funding led by Sequoia Capital and followed by Series A investor Matrix Partners (source in Chinese).

Launched in 2009, To8to is a third-party platform for customers, decoration companies, designers and construction material providers. One of the company’s core businesses is Zhuangxiubao, a free AliPay-like escrow online payment service for decoration industry targeted at customers.

Before the whole project started, customers have to pay a 20% of the total price to decoration companies, and another 20% to To8to platform as deposit. Zhuangxiubao divided the decoration process into four individual stages of water and electricity, wood, painting and completion. During the construction, To8to will send third-party monitoring and assessment teams to assess the service quality of decoration companies when each of stage ends. The decoration companies will receive a 20% of the total service price for each of the previous three stages when they passed the assessments. Zhuangxiubao will pay the 20% deposit to the decoration companies one month after completion of the project upon signature of the customers.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.