GRC leads round for China auto services platform Weiche
Weiche, a mobile app that targets car owners in China, has completed a RMB152 million ($24 million) Series B round of funding led by GRC SinoGreen Fund.
The investment values the start-up at about RMB700 million, Weiche told local media in a press conference. DT Capital Partners, Haier Group and Zero2IPO Capital also participated in the round.
Beijing-based Weiche was founded in 2013. Its online platform provides information about auto insurance products and notifications of possible traffic violations. Car owners can also pay fines through the app. Last July, the company added a new feature to connect gas stations with drivers, enabling gas station operators to advertise their services and provide discounted refueling offers.
At present, Weiche has more than 80 million vehicles registered on its platform. The company generated over RMB120 million in revenue last year. As of the end of March, its gas refueling business alone had recorded RMB73 million in revenue.
Innovation Works and Zero2IPO were the early backers for the company, having participating in two rounds of funding in 2011, according to AVCJ Research. Weiche plans to use the latest round to develop its auto services ecosystem, providing seamless online-to-offline (O2O) services for car owners.
GRC was launched in 2013 by New Zealand's Pan Pacific Capital. The firm is currently investing out from its GRC SinoGreen Fund III, which counts Gemany's Evonik Venture Capital among its LPs. The Greater-China focused VC firm targets innovative technology companies in the areas of energy storage, resource efficiency, transportation and data analytics.
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