China-based online vehicle marketplace Guazi.com has secured $400m in a series B round led by venture capital firm Sequoia Capital China that included steel producer Shougang Group, China Money Network reported today.
H Capital, CMB International, Dragoneer Investment Group, Matrix Partners China and BlueRun Ventures also took part in the round. Shougang Group invested through Jingxin Venture Capital, a fund management subsidiary it has formed.
Guazi was spun out of online e-commerce marketplace 58.com in 2015, and runs a platform that allows users to buy and sell used vehicles. The company has a presence in more than 200 Chinese cities, and claims its app has been downloaded more than 4.1 million times.
The series B funding will be used to further develop Guazi’s technology and “rapidly” expand its team, according to Matrix Partners China managing partner David Zhang.
Guazi raised $205m in series A funding from undisclosed investors in March 2016 before closing the round at $250m in September with capital from Sequoia Capital, GX Capital, Hike Capital, Welight Capital, StarAngelFund, Matrix Partners China and BlueRun Ventures.