China-based ride hailing platform Yitu8 has secured RMB150m ($23m) in a series B round led by refrigeration and air conditioning parts manufacturer Sanhua Holdings, China Money Network reported yesterday.
The corporate was joined by venture capital firm SR Capital, angel investor Ma Changwei and a range of unnamed China-based backers.
Established in 2015, Yitu8 operates a limousine and private car hailing service aimed at Chinese users abroad. The company’s offerings include local and private tours, airport pickup and lifts to different cities, all of which are overseen by Chinese speaking drivers.
Yitu8, which claims to cover 1,000 cities across 110 countries, will invest the funding in fleet management and brand development. It previously entered a strategic partnership with Expedia to integrate its offering into the travel agency’s platform.
Yitu8 closed a RMB21.5m series A round in March 2016 co-led by SR Capital and Yuetu Capital.