Conglomerate Access Industries and quantitative trading firm Susquehanna International Group (SIG) have backed a $60m series C round for China-based automotive parts trading platform Haoqipei, China Money Network reported on Monday.
Venture capital firm DCM Ventures and investment firm Jeneration Capital co-led the round, which included participation from XVC Venture Capital and entrepreneur Yuri Milner.
Founded in 2016, Haoqipei operates an online business-to-business marketplace that enables auto parts suppliers to sell parts for repair in more than 60 Chinese cities.
The company facilities payments through the platform and offers additional services such as price comparisons and offline logistics.
Haoqipei will use the funding to expand the reach of the service into more areas of the country, form additional partnerships with auto components providers and construct warehouses and other infrastructure, founder and CEO Chen Xi told 36Kr.
DCM Ventures and Yuri Milner had previously co-led the company’s $20m series B round in October 2018, investing together with SIG, Red Point Ventures and XVC.
Image courtesy of Haoqipei.