Chehaoduo, a China-based automotive e-commerce company backed by steel producer Shougang Group, has secured $180m in series B+ funding, China Money Network reported today.
The series B+ cash came from a subsidiary of financial services firm Bank of China Group, as well as investment firm DST Global, private equity firm Capital Today and venture capital firms Sequoia Capital China and H Capital.
Chehaoduo runs two e-commerce platforms – Guazi, which focuses on used vehicles, and Maodou, which sells new cars – both of which sell vehicles and provide adjacent services such as vehicle appraisal, automotive insurance and financial services for buyers.
Guazi raised $400m in a June 2017 round that included Shougang’s Jingxin Venture Capital unit as well as H Capital, financial services firm China Merchants Bank’s CMB International unit, Dragoneer Investment Group, Matrix Partners China and BlueRun Ventures.
Sequoia Capital, Matrix Partners China, BlueRun Ventures, GX Capital, Hike Capital, Welight Capital and StarAngelFund had already provided $250m in funding for Chehaoduo in September 2016, a round that according to China Money Network followed $60m in angel investment.
The series B+ capital will be used to expand Guazi, which is present in more than 200 cities across 30 Chinese provinces, and to develop a new car leasing business.