Chehaoduo, the China-based automotive e-commerce marketplace backed by corporates SoftBank, Tencent and Shougang, has closed a $300m funding round valuing it at $10bn, DealStreetAsia has reported, citing a company WeChat post.
H Capital led the round, which also featured fellow venture capital firm Sequoia Capital China in addition to VC group IDG Capital and Chehaoduo founder and CEO Yang Haoyong. The company’s overall equity funding now stands at about $3.8bn.
Spun off by online classified listings operator Ganji in 2015, Chehaoduo runs used car trading platform Guazi and Maodou, which specialises in new vehicles, in addition to after-sales repair and maintenance services provider Chehaoduo.com.
SoftBank’s Vision Fund provided $1.5bn in funding for the company in early 2019 and joined Sequoia Capital China to add a further $200m in May 2020 to close its series D round.
The company began life under the Guazi moniker, raising a reported $250m in series A funding from Sequoia Capital, GX Capital, Hike Capital, Welight Capital and StarAngelFund in 2016 before Matrix Partners China and BlueRun Ventures added an undisclosed sum shortly afterwards.
Steelmaker Shougang’s Jingxin Venture Capital vehicle took part in the company’s $400m series B round in 2017, investing alongside China Merchants Bank’s CMB International subsidiary, H Capital, Matrix Partners China, BlueRun Ventures and Dragoneer Investment Group.
Internet group Tencent led Chehaoduo’s $818m series C round in March 2018, investing with Shougang subsidiary Shougang Fund, ICBC International, GIC, Yunfeng Capital, FountainVest Partners, IDG Capital, Taihe Capital, Sequoia Capital China, H Capital, DST, Capital Today and Shanhang Capital Investment.
Chehaoduo then secured $162m in series C-plus funding from Tiantu Capital, DST Global, Nuoweiqi VC and CKE in October the same year at a $6.6bn post-money valuation.
