China-based automotive-focused news platform Youche Yihou raised RMB200m ($29.1m) on Wednesday in a funding round that included internet group Tencent, according to China Money Network.
Plum Ventures, Ningbo Xinmei Asset Management, Oriental Fortune Capital and Blueprint Innovation Investment Management also participated in the round.
Founded in 2015, Youche Yihou operates an online platform that provides news and data to automobile enthusiasts along with vehicle reviews and comparisons, in addition to an online community.
The company claims to have approximately 60 million users, the majority of which come to the platform through social messaging app Wechat. It has also formed strategic partnerships with carmakers Mercedes-Benz, BMW, Audi, Lincoln, Volkswagen and Toyota.
Youche Yihou said in June 2018 that it had achieved a RMB2bn valuation having closed six funding rounds.
The company at that time identified Tencent, communication and marketing services provider BlueFocus Communication Group, Plum Ventures, Blueprint, Blue Lable Venture Capital, ZhenFund and Tuo Capital as existing investors.