China-based vehicle auction service Fairlubo has secured $45m from a consortium featuring conglomerate Legend, which invested through its Legend Capital unit, and second-hand car auctioneer Uxin Group, China Money Network reported yesterday.
Fengshang Capital also contributed funds to the round. Faiirlubo has not revealed details of any previous funding rounds.
Founded in 2011, Fairlubo operates an online auction platform through which users can purchase vehicles that have fallen into disrepair. The company claims to have processed the sale of 20,000 such salvage vehicles last year.
The funding will support product improvements and company expansion.