Guazi.com, a Beijing, China-based consumer-to-consumer (C2C) used car trading platform, secured a funding round of undisclosed amount.
Backers included Matrix Partners China and Blue Run Ventures. Following the closing, minority-owned investor 58.com Inc. (NYSE: WUBA), China’s online marketplace serving local merchants and consumers, holds a 34% stake in Guazi on a fully diluted basis.
Guazi is a C2C used car trading platform which directly links individual car sellers and buyers.
The company plans to use the funds to to expand into transactional services, enhance its brand image, upgrade its technology and strengthen its used car and auto-industry partner network.