China’s Car Clubs rental service secures Series A financing
Hangzhou-based Incapital and government-owned Tobon VC have provided a Series A round of funding for Car Clubs, a Chinese car rental service operator. Details of transaction were not disclosed but it is said to be in excess of RMB10 million ($1.6 million).
The capital will be used to expand Car Clubs' operating stations to 200 this year and also buy 400 cars. The company currently operates more than 40 self-severed rental stations in Hangzhou.
Users register online and then pick up the cars at the stations, returning them when finished. Rental fees are charged by the hour based on the type of car and settled automatically by scanning a membership card.
Founded in 2009, Incapital manages more than RMB1 billion ($163 million) across five renminbi-denominated funds.
Tobon VC was launched in 2008 by Cakai Investment Group, whic is owned by the Hangzhou provincial government. It has registered capital of RMB30 million and has previously invested in the likes of Bank of Hangzhou and Guotai Junan Securities.
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