VCs in $30m round for China car sales platform

Maihaoche, which means ‘sells good cars' in English, started as an imported car ordering platform in 2014. Services have since expanded to include receiving orders and deposits from car buyers, and helping customers purchase foreign vehicles directly from overseas.

Last year, Maihaoche began connecting car dealers and buyers, and now has more than 80,000 dealers registered on its platform, offering hundreds of thousands of new cars. It also helped dealers obtain RMB15 billion in loans last year by leveraging partnerships with commercial banks.

The company previously raised an angel round from Sinovation Ventures, and more than RMB100 million in a Series A round led by Northern Light. Last year, it received $20 million in an extended Series A round led by Phoenix Tree Capital Partners. The new funding will be used to improve the company's technology and expand its services and offerings.  

Welight was co-founded by Tony Zhang and Xiaoguang Wu, former chief technology officer and senior vice president at Tencent, respectively, in 2015. The firm focuses on Series A and Series B rounds in technology-based companies. Its portfolio includes online consumer-to-consumer used car trading platform Guazi – which completed a $400 million Series B round in June.

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• Topics
• Greater China
• Technology
• Early-stage
• Consumer
• China
• TMT
• Venture
• Northern Light Venture Capital
• automobiles