Internet company Renren has participated in a RMB100m ($15m) series A+ round for 51Autogo, the China-based developer of a payment platform for service stations, China Money Network reported yesterday.
Venture capital fund Zhen Fund also invested in the round, the same two backers having previously supplied $10m in seed and series A funding to the startup.
Founded in early 2015 and also known as Chedaojiayou, 51Autogo offers a software suite that helps independent petrol stations operate more efficiently, most notably including a platform that enables customers to pay for their gas online. It also provides technology to help businesses improve their online sales.
The company currently has 1.6 million monthly active users across some 600 service stations spanning 38 Chinese cities. It aims to grow that number to over 1,000 by the end of 2016, at the same time increasing daily transaction value to RMB10m and moving into profit.