Social networking platform Renren has led a $110m series D round for China-based car trading platform Cheyipai, China Money Network reported yesterday.
Internet company Tencent also participated in the round, along with Citic Capital, the alternative investment subsiidiary of state-owned conglomerate Citic, sovereign wealth funds China Investment Corporation and Qatar Holding, and venture firms Sequoia Capital, Matrix Partners and Morningside Ventures.
Citic Capital, Matrix and Morningside previously backed a $50m series C round for Cheyipai in February 2014 that was led by Sequoia Capital.
Matrix also invested $20m in a 2013 series B round, while Morningside provided $5m for the company’s 2011 series A.
Cheyipai, which operates in more than 100 cities and has partnerships with some 5,000 used car dealers, offers customers second-hand car trading information as well as standardised testing services.