China-based online second-hand car retailer YouChe.com has raised $10m in a series A round led by China-based venture capital firm IDG Capital Partners, China Money Network reported yesterday.
YouChe is an online-to-offline platform that sells used cars in China. In December, it received several million RMB (RMB 1 = $0.16) from China-based seed fund Zhen Fund.
IDG Capital Partners, a subsidiary of data and publishing firm IDG, invests in Chinese and Asian tech startups developing mobile apps, videogames and other electronic and online platforms. Its portfolio includes cloud-based multilingual platform Smartling, business solutions provider App Annie and download manager Xunlei.
The Chinese market for second-hand vehicles has been active in the last months. In February 2014, one of YouChe’s competitors, CheYiPai.com, raised $50m in a series C round led by Sequoia Capital, a VC firm that also participated in a $10m series B round for competitor SouChe.com in September 2013.
– Photo courtesy of YouChe.com