CassTime, the China-based automotive services provider that counts conglomerate Fosun among its investors, has received $35m in series C3 funding, DealStreetAsia reported yesterday.
Venture capital firm Source Code Capital led the round, which also featured Sequoia Capital China, Greater Bay Area Homeland Investment and Shunwei Capital.
CassTime operates a business-to-business e-commerce platform for auto parts in addition to auto components delivery, supply chain financing and a vehicle maintenance and repair management software product.
The company secured $23m in series B1 funding from Fosun subsidiary Fosun RZ Capital and Shunwei Capital in 2017, adding an undisclosed sum in a series B2 round backed by Fuqi Capital and Zuoyu Capital in early 2018.
Mangrove Bay Capital led a $36.4m series B2 round in August the same year that also featured Fosun RZ Capital, Shunwei Capital and Shanghe Capital to bring the company’s total funding to $95m.
CassTime raised $80m in an October 2019 series C1 round co-led by Sequoia Capital China and Source Code Capital and backed by Hua Partners, before Greater Bay Area Homeland Investments and China Merchants Group provided $50m in series C2 funding in June this year.