Used-car Auction Site 'Mychebao' Wins RMB 300 Mln Series B
Sohu IT, 8/10/15
Jiangsu-based Lebo Investment, operator of used-car auction site Mychebao.com, has raised RMB 300 mln Series B funding, jointly led by Beijing-based Jiuding Capital Group and Zhejiang-based venture capital firm Addor Capital, with Gobi Partners also investing.
Mychebao.com’s principal service is an online auction system for used cars that provides free sales services to owners. The main buyers on the site are used car dealerships. Buyers pay a commission to Mychebao.com on each transaction.
Mychebao.com currently facilitates approximately 3,000 transactions a month, and covers 12 cities including Beijing and Shenzhen, with more than 35 percent of transactions conducted between different localities. The site has already reached profitability in Nanjing and Suzhou.
Lebo Investment began operating at the end of 2012, and landed RMB 20 mln Series A funding from Gobi Partners in September, 2014.
Keywords: Mychebao Lebo Investment Jiuding VC Internet funding Gobi Partners Series B Addor automobile e-commerce
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