China-based car sharing startup Atzuche has closed a RMB300m ($47m) series B round featuring media company Hearst and insurer China Pacific Insurance, China Money Network reported today, citing local media reports.
China Pacific and Hearst, which participated in the round through its Hearst Ventures unit, invested alongside private equity firm Ivy Capital and venture capital firms Matrix Partners and Ceyuan Ventures.
Founded in 2013, Atzuche operates a car sharing platform through which users can rent their vehicles to each other. It has signed up around 100,000 registered vehicles and the company claims it has over one million users spread across 12 Chinese cities.
Atzuche previously raised $10m in an October 2014 series A round led by Matrix Partners that, according to China Travel News, also included Banyan Capital and Qingcong Capital.