Automotive electronics manufacturer Joyson Electronic has contributed to a RMB300m ($44m) series B round for China-based automotive services platform Lechebang, according to the Marbridge Daily.
Vertex Ventures, a VC firm backed by Singapore state-owned investment firm Temasek, also participated in the round, which was led by Yuanyi Investment.
The Sino-French Innovation Fund, Cathay Capital Private Equity and Sequoia Capital China also contributed funds.
Founded in 2015, Lechebang has developed a mobile app that enables users to book maintenance and after-sale services through a network of more than 3,000 garages. The company is currently active in 24 cities and hopes to more than double that to 55 by the end of the year.
The money will go towards accelerated development of the company’s repair and maintenance business unit. It will also drive recruitment, support the aforementioned expansion to more cities and boost marketing activities.
Lechebang previously obtained RMB50m in a series A+ round in June 2016. The funding was provided by Vertex, according to deals database PitchBook.
In May 2016, internet company Baidu participated in a RMB130m series A round alongside Sequoia, Bohui Source and Winselectronics, according to PitchBook, following a RMB26m seed round supplied by Sequoia in 2015.