China-based automotive services provider CassTime Technologies received RMB250m ($36.4m) in series B3 funding today from investors including Fosun RZ Capital, an investment subsidiary of conglomerate Fosun, China Money Network reported.
Mangrove Bay Capital led the round, which also included Shunwei Capital and Shanghe Capital. CassTime has now raised a total of $95m in its series B round, according to China Money Network, but has not disclosed details of earlier funding.
Founded in 2015, CassTime operates a business-to-business platform that offers after-sales products and vehicle servicing, supplying parts for 20 manufacturers including Audi, BMW and Mercedes-Benz. It also produces car testing and vehicle maintenance systems.
The funding will go towards technology research and development and will help CassTime drive further market growth in China.
The company raised $23m in a series B1 round that included Fosun RZ Capital and Shunwei Capital in October 2017, followed by an amount that could not be independently confirmed from Fuqi Capital and Zuoyu Capital in a March 2018 series B2 round.
Wang Duo, founding partner of Mangrove Bay Capital, said: “CassTime has a profound technical foundation and provides excellent experience in the digital supply chain products for the auto parts industry.
“We believe that CassTime will be a leader in optimisation of deal making, consumer experience improvement and after-sale management.”