China-based online second-hand car retailer YouChe has closed an $18m series B round featuring media and technology company International Data Group’s venture capital affiliate IDG Capital Partners, Asian Venture Capital Journal has reported.
Galaxy Capital led the round, with VC fund ZhenFund also contributing capital.
Founded in 2013, YouChe operates an online platform for users to buy and sell used vehicles. The company secured $10m in series A funding in July 2014 led by IDG Capital Partners, after ZhenFund had provided several million RMB (RMB1m = $160,000) in angel funding in 2013.
– Image courtesy of YouChe