Chinese VC-backed car valuation platform raises $29m
Che300.com, a Chinese VC-backed platform that values used cars, has raised RMB200 million ($29 million) in a Series C round of funding led by state-owned automotive company SAIC Motor.
Several auto industry-focused funds also participated in the round, according to local media.
Founded in February 2014, Che300 offers online independent used-vehicle valuation and price analysis services based on artificial intelligence, with a view to building a standardized pricing system for second-hand cars. The company has also expanded into auto lending and insurance services for car sellers and buyers through partnerships with financial institutions.
Che300 works closely with more than 300 Chinese auto-related platforms including second-hand car trading sites and auto lending providers to help buyers compare different products.
Source Code Capital provided Che300’s Series A round in June 2015, while Sequoia Capital led a Series B round worth RMB100 million last year. The company plans to use the funding to strengthen its after-sales auto services and financial services.
Chinese used-car trading platforms have drawn strong interest from PE and VC investors. Last month, Uxin raised $500 million in a round led by TPG Growth, Jeneration Capital and China Vision Capital. In September, consumer-to-consumer (C2C) used car trading platform Guazi.com finalized its $250 million Series A round of funding, and then its industry peer Renrenche raised $150 million.
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