China-based car hire platform Togo has raised an eight-digit dollar amount in a series B2 round led by quantitative trading and technology firm Susquehanna International Group, KrAsia has reported.
Venture capital firm ZhenFund and private equity firm Crescent Point both took part in the round, which increased Togo’s total funding to $72m.
Founded in 2015, Togo operates a mobile platform that offers short-term car hire through a smartphone app in a similar fashion to some bike sharing services.
Motorists use the app’s location-based services technology to find the nearest of Togo’s 1,000-car fleet but do not have to return the vehicle to a specific point upon finishing their journey.
Togo closed a $26m series B+ round in January 2018 led by Crescent HydePark with backing from SIG’s Asia Investment division and ZhenFund, according to Gasgoo.
The company had reportedly raised $22m in an October 2017 series B round led by SIG Asia Investment that included ZhenFund, after a $6.2m series A featuring ZhenFund and Tuopu Fund in 2016.
– Image courtesy of Togo.