Mancando, a China-based automotive parts trading service backed by Legend Capital, the venture firm formed by conglomerate Legend Holdings, completed a series B round sized at almost RMB400m ($56.6m) yesterday, DealStreetAsia reported.
Investment bank China Renaissance’s Huaxing Growth Capital Fund led the round, which included VC firm Xiang He Capital, fund manager Axiom Asia and Oriza Fund of Funds, a subsidiary of investment holding group Oriza Holdings, according to a company statement.
Founded in 2015 and also known as Guangdong Santou Liubi Information Technology, Mancando operates an online marketplace where businesses can buy or sell automotive components.
The platform sources parts from suppliers across the globe and sells them to auto shops in China, and Mancando also operates a chain of brick-and-mortar retailers that make use of its artificial intelligence-equipped stock maintenance software.
The series B funding will be directed into expanding the company’s auto part offering and warehousing capabilities in addition to strengthening its big data technology.
VC firm Eastern Bell Venture Capital led a $25.2m series A round for Mancando in February 2019 that included Legend Capital, before Legend Capital led a $28.2m series A-plus round in September that was also backed by Eastern Bell, Oriza FOFs and China Galaxy Capital.
