BEIJING – Uuzuche.com announced on March 18 that it had received $10 million in A+ funding led by BitAuto, China’s largest automobile online platform. This is the second announcement of funds that the firm has raised since a $10 million Series A round last August, which was led by Lightspeed China Partners.
The newly raised funds will be used in exploring new cities as well as to improve and expand marketing, promotion and employee recruiting. The focus will be on bringing in new resources for market promotion, platform operation and sourcing of vehicles that allow for a diversification of resources and sales channels.
“We have many opportunities after the Series A funding. To partner with BitAuto is a deliberated and necessary choice based on the future advantages,” a spokesperson of Uuzuche.com said. “As China’s largest automobile online firm, BitAuto can provide with car owner resources, potential rental customers and channels. To cooperate with BitAuto will help us cover seasonal and regional shortages of vehicles supply by fully utilizing the surplus production of car manufacturers, as well as providing experience data for buying decisions.”
“We are highly impressed with and have full confidence in Uuzuche.com’s down-to-earth manner,” said BitAuto in a statement. “With excellence in operation and management as the backbone of its businesses, the firm is constantly optimizing each aspect of the car-sharing service and offering a highly comprehensive services, a move that the firm expects will enable it acquire an advantageous position in the future. BitAuto will share its resources and experience in dealing with manufacturers and customers, allowing both firms to fully align the sales channels and the relationships with car manufacturers while meeting the demands of car buyers and renters. The goal of all these moves is to offer clients an all-around better buying and renting experience.”
Founded in early 2014, Uuzuche.com is developed to be one of biggest peer-to-peer car-sharing service platforms in mainland China and one of the three major players of this emerging sector. By early 2015, the company was operating in seven cities, including Beijing, Shanghai, Chengdu, Shenzhen, Sanya, Haikou and Xiamen, providing service for nearly 65,000 car owners and 13,000 drivers.