China-based used vehicle marketplace Souche collected $578m in series F capital yesterday backed by e-commerce group Alibaba and insurance provider Sunshine Insurance Group, according to China Money Network.
Primavera Capital and Morningside Venture Capital co-led the round, which also included fintech developer CreditEase and a range of undisclosed investors.
Founded in 2012, Souche runs an online car e-commerce platform that connects more than 90% of medium and large-sized second-hand dealerships across China.
Souche announced the acquisition of logistics service provider Iyunche and enterprise resource planning provider Breakthrough alongside the series F round, but it has not revealed financial terms of these deals.
The series F round will allow Souche to upgrade its technology and drive expansion efforts. It brings the company’s total funding to more than $1.2bn.
Souche previously closed a $335m series E round led by Alibaba in November 2017. Warburg Pincus, Primavera and CMB International, a subsidiary of financial services firm China Merchants Bank, also supported the round.
In April 2017, Warburg Pincus led a $180m series D round that featured CreditEase’s FinTech Investment Fund, Morningside, VMS Investment Group, ClearVue Partners, Zuoyu Capital, Haitong International and Cygnus Equity.
Ant Financial, the financial services affiliate if Alibaba, led a $100m series C round in 2016, investing alongside chauffeured driving service UCar. Souche’s shareholders also include Sequoia Capital, Ferry Venture Capital and Yuan Du Ventures.