China-based car rental service Like Chuxing has received an eight-figure dollar amount in a series B-plus round featuring Ant Financial, e-commerce group Alibaba’s financial services affiliate, China Money Network reported today.
The round included Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, as well as investment firm Yimei Capital and VC firms China Renaissance K2 Ventures (K2VC) and Bluerun Ventures.
Founded in 2017, Like Chuxing runs an online car leasing platform that allows users in six Chinese cities to find, use and pay for vehicles by the hour through a mobile app.
The company raised an undisclosed amount of series B funding in May 2018, a month after it collected a total of $20m in series A and angel rounds that included Legend Capital and K2VC.
Lighthouse Capital was financial adviser for the round, according to a statement on its WeChat account.
Yan Yang, vice-president of Lighthouse Capital, said: “About 400 million people hold driving licenses in China, while over 180 million do not have a vehicle. The time-sharing lease mode allows these customers to access vehicles more easily at a lower cost.”