Ebaoyang, a China-based car services provider backed by games developer Beijing Kunlun Technology, has secured RMB150m ($22.5m) in series C funding, China Money Network wrote today, citing local media reports.
The round was led by Yihao Capital and included venture capital firm Source Code Capital. Kunlun Technology and Source Code Capital provided $20m in series B capital for Ebaoyang in May 2015, following a $5m series A investment by by Source Code in 2014.
Founded in 2014, Ebaoyang operates an online-to-offline platform for car owners. It provides a range of services, including regular maintenance, insurance reimbursements and the sale of replacement parts.
The money will go towards strengthening the company’s supply chains and offline network. The funding will also help Ebaoyang monitor the quality of its product offering.