(Yicai Global) Nov. 17 -- Bestbond, a long-term apartment rental company targeting China's younger generation, secured CNY125 million (USD18.9 million) in its A-round financing, pushing its valuation to CNY625 million, online real estate news outlet Guandian reported.

Everyday Network Co. [SHE:300295], an online property sales platform, led the funding round. Bestbond and Everyday Network plan to leverage the latter's housing and financial resources to create a software-as-a-service model and offer capital loans to businesses and rent payment plans for tenants to expand Bestbond's client base and online business.

Bestbond has been leasing its apartments at 95 percent of market rates for quite some time. It expects revenue to reach CNY80 million (USD12.1 million) this year, which would give it a compound annual growth rate of 401 percent from 2015 through 2017.

The agency hopes to let out an additional 160 apartments in Nanjing, Beijing, Shanghai, Hangzhou and similar regions over the next three years, bolstering its total figure to 500 homes nationwide.

Bestbond is an affiliate of Jiangsu Beikebang Investment Management. Founded in 2013 and headquartered in Nanjing, Jiangsu province, Beikebang covers many of China's first- and second-tier cities and offers 35 apartments and over 4,000 rooms, managing over 100,00 square meters of floor space.