Che300, the China-based operator of an appraisal and e-commerce platform for vehicles, has secured RMB200m ($29m) in a series C round led by carmaker SAIC Motor, China Money Network reported yesterday.
The round included undisclosed automotive industry funds, according to Che300. China Money Network reported last month that the company’s $29m fundraising was a series B round led by venture capital firm Sequoia Capital China.
Founded in 2014, Che300 provides used car appraisal and selling services through an online platform.
The company has more than 300 partners including local services platform Ganji, second-hand vehicle e-commerce company Yiche and Taobao, a subsidiary of e-commerce group Alibaba.
The series C round follows an investment of “several million dollars” by VC firm Source Code Capital in 2015, and $14m in series B funding from Sequoia Capital China and Source Code Capital.