H&Q leads $30m round for Chinese car rental site Huizuche
H&Q Asia Pacific has led a RMB200 million ($30 million) Series B round of funding for Huizuche.com, a Chinese car rental platform for outbound tourists.
Existing investors Northern Light Venture Capital (NLVC) and VentureShares also participated in the round.
Founded in 2014, Huizuche provides car rental services to Chinese users when they travel overseas. It has formed partnerships with nearly 320 offline car rental operators in 180 countries, including Hertz, Enterprise and Eurocar. The company also provides other value-added services, ranging from airport pick-ups to insurance.
Huizuche previously raised two rounds of funding, including an angel around from Decent Capital and a $10 million Series A round from NLVC. The company plans to use the latest round to improve its product offerings and expand partnerships with travel agencies, banks and airlines, it said in a statement.
H&Q conducts both later-stage control and early stage venture capital investments, having managed 28 funds totaling $3.4 billion since its inception in 1985. The firm has six offices across the region.
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