China-based peer-to-peer car lending platform PPzuche.com has raised $60m in a series B round co-led by IDG Capital Partners, a corporate venturing unit of media and data firm IDG, China Money Network reported on Tuesday.
Venture capital firms Morningside Ventures, which co-led the round, Source Code Capital, Mingshi Capital and Qingliu Capital also invested.
PPzuche, also known as iCarsClub, runs a marketplace through which car owners can earn money buy renting out their vehicles to customers.
The proceeds from the round will go towards market expansion and the improvement of the company’s business operations.
PPzuche raised $10m in a series A round in June this year from Sequoia Capital China and Crystal Stream Capital.
The company also received $480,000 in seed funding from Redot Venture and Singapore’s National Research Foundation last year as it prepared to launch in Singapore.