CassTime Technologies, a China-based automotive services provider backed by conglomerate Fosun, picked up $80m in series C1 funding yesterday.
The round was co-led by venture capital firms Sequoia Capital China and Source Code Capital and also featured VC fund Hua Partners.
CassTime focuses on after-market automotive services, offering a business-to-business trading platform for spare parts covering 45 car producers, supply chain financing and a cloud-based management software tool for garages.
The company also sells vehicle testing and maintenance systems, and has grown headcount to more than 2,000 staff since it was founded four years ago, having opened branches in several Chinese cities.
Fosun investmet vehicle Fosun RZ Capital took part in a $36.4m series B3 round for CassTime in August 2018 that was led by Mangrove Bay Capital and backed by Shunwei Capital and Shanghe Capital.
The series B3 round reportedly brought CassTime’s total series B financing to $95m, though financial details about the March 2018 series B2 round, which included Fuqi Capital and Zuoyi Capital, could not be confirmed.
Fosun RZ contributed to the company’s $23m series B1 round in 2017 together with Shunwei Capital. It has completed nine rounds to date, according to China Money Network.
