China-based private car sharing platform Uuzuche has extended its series A round from $10m to $20m following an investment by car information and marketing portal Bitauto on Friday.
Uuzuche obtained $10m in the round’s September 2014 first tranche, which was led by venture capital firm Lightspeed China Partners and backed by China Renaissance K2 Ventures and angel investor Wang Gang.
The company aims to create a seamless rent-and-return process whereby users can connect to a private car owner through a dedicated app and rent their car for a fee.
Publicly-listed Bitauto is itself backed by a range of corporates including e-commerce company JD.com and internet portal Tencent, which invested $1.55bn in the company in January 2015.
To date, Uuzuche has connected some 65,000 car owners to about 130,000 borrowers. It will use the funding to support aan expansion into all major Chinese cities by the end of June 2015.