CassTime, a China-based automotive services platform backed by diversified conglomerate Fosun, has raised $50m in series C2 funding, DealStreetAsia reported today, citing a statement by Taihecap, the financial adviser for the deal.
The round was led by Greater Bay Area Homeland Investments, a vehicle formed by companies including insurance firm Taiping, artificial intelligence technology producer SenseTime and state-owned asset manager China Merchants Group.
Founded in 2015, CassTime runs an online platform where companies can access spare vehicle parts and organise the delivery of automotive components as well as securing supply chain financing and software that helps mechanics operate their businesses.
The funding will support the growth of CassTime’s business in addition to research and development activities. Sequoia Capital China and Source Code Capital co-led its $80m series C1 round in October 2019, investing together with Hua Partners.
CassTime had secured $36.4m in an August 2018 series B3 round led by Mangrove Bay Capital and backed by Fosun subsidiary Fosun RZ Capital, Shunwei Capital and Shanghe Capital that increased its overall funding to $95m.
Fosun RZ Capital and Shunwei Capital had provided $23m in series B1 funding for the company in 2017, before Fuqi Capital and Zuoyu Capital added an undisclosed amount in a series B2 round early the following year.
