Cheyipai, a Chinese used car e-business trading platform, completed a $110m Series D round of financing.
The round was led by Renren Inc. (NYSE: RENN) with participation from secondary investors Sequoia Capital, Matrix China, Morningside Ventures and CITIC Capital.
The company intends to use the funds to further strengthen its offline services throughout the country by recruiting new inspectors and improve the training provided to all inspectors as well as to strengthen professional cooperation at all levels across the industry.
Founded in 2006 and led by Yang Xuejian, CEO, Cheyipai is a trading platform for used cars with an 800 person-strong inspection team and technology as well as a nationwide car dealer network. By the end of 2014, more than 500,000 used car sale transactions had taken place on the Cheyipai platform.
The company has now built four operation centers strategically located across the country to maximize geographical reach and set up dozens of secondary service centers as well as established a sales network covering more than 300 cities nationwide.
Review of Cheyipai’s financing history:
Round-A financing, 2011, amount of financing: $5 million investor: Morningside Ventures.
Round-B financing, March, 2013, amount of financing: $20 million investor: Matrix China.
Round-C financing, Feb. 14, 2014, amount of financing: over $50 million investor: led by Sequoia Capital with secondary investors Matrix China and CITIC Capital (read here).