Keytone leads $20m round for China auto service site
Keytone Ventures has led a $20 million Series A round of funding for Chemayi, a Chinese auto after-sales service platform.
Existing investor Morningside Technologies also participated, the company confirmed via its official Weibo microblog. Morningside provided $2 million in a seed round in 2013.
Founded in 2012, Chemayi offers car maintenance and repair services. Users can order services, such as tire replacement and waxing, through the online platform. Chemayi handles orders with offline service providers according to a user's location and type of car. The start-up has established 60 working relationships with offline service providers, transacting about 1,000 orders every month.
The net proceeds of the new investment will be used to develop products involving online-to-offline services.
China-focused Keytone Ventures was founded in 2008 by Joe Zhou, former managing partner at KPCB China, and Stella Jin, previously a partner at IDG-Accel China.
Earlier this week, Chinese auto repair start-up Kalading raised a $10 million Series A led by China Broadband Capital, with participation from Gobi Partners and Geek Partners.
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