China-based car-sharing services provider Mydadao has raised “tens of millions of dollars” from investors including internet company Baidu and media group Bertelsmann across three rounds, Kr Asia has reported.
Baidu led an initial round of undisclosed size through its Baidu Ventures subsidiary, before venture capital firm Sequoia Capital China led a second round.
Bertelsmann Asia Investments, a regional investment vehicle for Bertelsmann, subsequently led a third round that also featured Baidu Ventures, Sequoia Capital China and Volcanics Venture.
Founded in October 2017, Mydadao operates a car sharing service that primarily consists of electric vehicles, allowing users to drop cars off anywhere within a city rather than returning them to a garage.
The company’s fleet consists of more than 2,000 cars, but the service is currently only available in Qingdao, a city on China’s east coast with a population of roughly 9 million.
Mydadao has collaborated with Baidu on a range of aspects related to technology and data analytics, such as recharging vehicles and the development of tools to manage parking charges. It aims to perfect its business model in Qingdao before expanding further into China.