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Online Car Rental Site Yongche.com Wins First-Round Funding

ChinaVenture, 8/08/11

Beijing-based online automobile rental service provider Dongfang Cheyun Information Technology (Yongche.com) revealed recently that it has obtained first-round funding in the tens of millions of USD. Funding was led by Morningside Ventures, with Beijing-based investment bank China Renaissance acting as sole financial consultant in the deal.

Yongche.com was launched in August 2010, and operates under an Online-to-Offline (O2O) model. Shortly after its launch, Yongche.com received angel investment funding from venture capitalist Bob Xu's (Xu Xiaoping) Zhenge Fund.

Keywords: Yongche Internet automobile funding China Renaissance first-round Morningside Xu Xiaoping

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