GM invests in VC-backed China car-sharing platform

The size of the investment and of GM's stake in the company have not been disclosed. Yi Wei Xing, which provides short-term rentals through its mobile app Feezu, will partner with the US auto giant and provide insights on China's car-sharing market and Chinese consumers' personal mobility needs.

GM's investment comes as the car maker is increasingly interested in the auto-sharing market. The company entered the market itself earlier this year, launching its own service Maven in the US; it has also invested $500 million in Uber rival Lyft.

"Every market has its unique requirements for car-sharing services," said Julia Steyn, GM vice president of urban mobility programs, in a statement. "Yi Wei Xing has solid technologies and innovations that will help us explore more efficient and personalized mobility solutions for consumers in China."

AVCJ Research shows that Langmafeng and Fujian Huaxing invested across two rounds; Fujian Huaxing committed RMB10 million ($1.6 million) in 2014, with Langmafeng investing RMB60 million the following year.

Several other Chinese car-sharing start-ups also raised capital around the same time. Among them are uuzuche, whose $10 million Series A round in 2014 was led by Lightspeed China Partners and which later raised another $10 million from Bitauto, and Dida Pinche, which has raised over $130 million including a $100 million Series C round last year led by China Renaissance Capital Investments.

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• Topics
• Greater China
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• China
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• TMT