Matrix Joins $58M Round In Chinese Car Rental Platform AT Zuche

Venture firm Matrix Partners China has joined a RMB400 million (US$58 million) series C financing round in a Shanghai-based peer-to-peer car rental platform, AT Zuche.

China Pacific Insurance Co., Ltd, local private equity firm ChinaEquity Group, Beijing-based securities company CSC Financial Co., Ltd., New York-based Hearst Ventures, Hangzhou Financial Investment Group, Everbright Ivy Capital Investment Co. also participated in the round.

Launched in 2014, AT Zuche allows users to lend their idle vehicles to others. Currently, it operates in 25 cities in China including Beijing, Shanghai and Shenzhen, with over five million users and 200,000 vehicles registered on its platform, the company claims.

AT Zuche previously raised an undisclosed angel fund from Beijing-based Ceyuan Ventures and Zhen Fund in 2014, and raised a series A roun...

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