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...
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