China P2P car rental app Atzuche raises $47m
Atzuche, a Shanghai-based peer-to-peer (P2P) car rental start-up, has raised a RMB300 million ($47 million) Series B round of funding from China Pacific Insurance, Ivy Capital, Hearst Capital, Matrix Partners and Ceyuan Ventures.
Founded in 2014, Atzuche's platform allows car owners to earn money by renting out their vehicles to pre-screened customers. Five months ago, the start-up launched a 24-hour car pick-up service in six Chinese cities, including Guangzhou, Shenzhen and Nanjing. Once users place orders online, Atzuche's staff will pick up the rental car from owners to users.
The company claims to have more than 100,000 vehicles registered on its platform, facilitating thousands of daily transactions every day. In October last year, it received $10 million series A funding led by Matrix Partners.
Under the new partnership, China Pacific Insurance will promote Atzuche's services to its clients, with a view to broadening its customer base, local media reported.
In May, China Renaissance Capital Investments (CRCI) led a $100 million Series C round for Dida Pinche, a Chinese P2P car-sharing app. Other players in this space included Uuzuche.com, which raised $10 million from Bitauto; Sequoia Capital-backed Tiantian Yongche; and Baojia.com, which received $30 million from Ping An Ventures and Qiming Venture Partners.
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