China-based automotive e-commerce services provider Maihaoche has received more than $20m in a funding round led by software and internet-of-things technology producer Zhejiang Heico Holding Group, 36Kr reported yesterday.
Car dealership owner Kaixin Auto and venture capital firm Sinovation Ventures also took part in the round, which brought the company’s overall funding to approximately $139m, according to media reports.
Maihaoche runs an e-commerce platform through which small automotive dealerships can order new vehicles from carmakers’ franchise dealerships at prices billed as attractive.
The company also provides financing to help dealers sustain their supply chain costs. The funding will be used for customer acquisition.
Kaixin Asia Investment and Crescent Group co-led a $50m series B-plus round for Maihaoche in August 2019 that included Sycamore Capital, LB Investment and Northern Light Venture Capital, according to Haomihui.com.
Maihaoche had secured $29.9m in a 2017 series B round led by Weiguang Venture Capital and backed by Northern Light Capital and LB Investment. It followed $20m in series A-plus funding from Maoxin Capital, Innovation Workshop and Northern Light Venture Capital the previous year.