China automobile services platform Lechebang gets $44m

Cathay Capital Private Equity also took part, as did existing investors including Sequoia Capital China, Joyson Electronics, and Vertex Ventures China.

Lechebang connects 4S (vehicle sales, spare parts, service and customer survey) stores in China with consumers, providing after-sale services such as car washing, battery changes, and car repairs. Founded in 2015, its platform comprises 3,000 outlets in 24 Chinese cities and more than 10 million users. The company claims its services are cheaper than those offered by physical stores.  

The start-up has raised more than RMB500 million over the last two years, with Sequoia investing across the seed, Series A, and Series B rounds. Joyson came into the RMB130 million Series A round in May last year, alongside Angel Club, Baidu and vehicle communication software developer Vcyber Technology. The company then raised an extended round of RMB50 million from Vertex Ventures.

The net proceeds from the latest round will be used to accelerate the development of auto maintenance services, expand market shares, hire more staff and improve user experience, the company told local media.

Grand Flight is an investment arm of Hong Kong-listed financial services group Far East Horizon. It focuses on healthcare, education, advanced manufacturing, logistics, and cleantech. Earlier this year, it co-led a $100 million round for Chinese education app Xueba in conjunction with China Merchants Capital.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Early-stage
• Support services
• Technology
• China
• TMT
• Cathay Capital Private Equity
• Sequoia Capital
• Vertex Management (II)
• automobiles
• Venture