China-based restored car marketplace Bochewang has raised RMB200m ($30m) in a series B round led by China Pacific Insurance Corporation (CPIC), Asian Venture Capital Journal has reported.
Kinzon Capital, a venture capital subsidiary of investment group Fosun, participated in the round as an existing backer, while Sino-Ocean Land and Far East Horizon came on board as new investors. CPIC put up half the money for the round.
Bochewang acts as a middleman for insurance firms that sell vehicles damaged in crashes to car dealers, restorers and exporters. It raised $15m in May 2015 from insurer Ping An, Kinzon, New Horizon Capital and Suzhou Automotive Research Institute.