Chinese peer-to-peer home rental platform Xiaozhu announced Wednesday that it has received $120m in the latest financing round. The firm said vaguely in the statement that the current round has bumped the startup to unicorn status, which means the valuation of this round would be around $1 billion or higher.

Yunfeng Capital, the VC firm backed by Alibaba chairman Jack Ma and Target Media founder Yu Feng, led this round. Existing investors including Joy Capital, Morningside Ventures, and Capital Today also participated.

With the new funding, Xiaozhu — ‘little pig’ in English — plans to invest more resources to introduce technologies further enhancing security of house-sharing and building a sustainable platform ecosystem for the whole industry, according to Kelvin Chen Chi, co-founder and CEO of Xiaozhu.

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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.