China car-washing app raises $20m from Ping An VC
Ping An Ventures, a venture capital arm under Ping An Insurance, has provided $20 million in Series A funding for Exc118.com, a Chinese car-washing service mobile app.
The app, operated by Beijing Weijifen Network Technology, was launched in December 2014. Users can book car wash services in 11 cities in China. The company claims to have over one million users and 3,000 offline service providers on its platform, receiving more than 15,000 orders every day.
It plans to extend the scope of the business from car washing to automotive maintenance, used-car valuations and repair services, Jing Zhang, CEO of the company, told local media. Cash-washing services will also be expanded to 60 cities by the end of this year.
Through Ping An Ventures, Exc118 hopes to gain access to Ping An car insurance customer base.
Ping An Ventures was set up in 2012 with a RMB1 billion ($157 million) capital injection from its group. The VC unit invests in start-ups in the areas of financial services, consumer products, healthcare, automobile, and tech, media and telecom.
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