IDG backs Chinese second-hand car site Youche
IDG Capital Partners has provided a Series A round of funding for Youche.com, a Chinese online trading platform for second-hand cars.
The transaction was completed in January, with the size of the round amounting to tens of million dollars, Lin Cong, the company's founder, told local media. The site raised seed funding from ZhenFund in December 2013.
Beijing-based Youche, which was founded by former employees of Chinese online classifieds site 58.com, also operates physical outlets that sell second-hand cars. The company receives a 3% commission from each transaction. Following its launch in December, Youche sold about 800,000 cars in January.
The new capital will be used to strengthen the company's IT systems.
Youche's rival Cheyipai received $50 million in funding led by Sequoia Capital earlier this year. Existing backers Morningside Ventures, Matrix Partners and CITIC Capital also participated.
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