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 round worth tens of millions U.S. dollars five months later that year.
In 2015, it raised RMB300 million (US$43 million) in series B round from a number of investors including Matrix, and China Pacific Insurance. In June 2015, it raise an undisclosed amount of series B+ round from investors including Shanghai-based Panda Capital and JD Finance.
The company plans to use the proceeds to upgrade its products and services, as well as expand its business rapidly. It plans to cover 40 cities in China in the first half of this year, and around a hundred cities in the second half.
AT Zuche's rival, Singapore-based PPzuche.com, raised a US$50 million series C round led by Tiantu Capital in 2015. Another competitor Baojia raised a US$30 million series A round led by Ping An Insurance Company of China, Ltd. and Qiming Venture Partners in 2014.