uuzuche.com, a Chinese private car sharing platform, raised $10m in Series A funding.
The round was led by Lightspeed China Partners with participation from China Renaissance K2 Ventures and Angel Investor Wang Gang.
The company intends to use the funds to expand the services to other cities, hire and educate local operation teams and build the brand.
uuzuche.com operates a peer-to-peer car sharing service between car owners and drivers, based on the idea of a “community sharing economy”, with most user members joining via the company’s UU-rental mobile application.
Private car owners can be matched to “tenants”, drivers who have private transportation needs but lack a car, through online dispatching. Tenants can find a car, nearby in their own neighborhood.
The company signed strategic cooperation agreements with: Allianz Global Assistance (in July), who will provide a set of road support programs, including 10 major and 40 minor items across China, such as battery charging, tire changing, water filling, oil filling, online fault diagnosis, accident rescuing and medical support, among other services; and SAIC Motors (in August) to build a package of services through its 4S car dealerships, including online sharing of cars and a long-term test driving service.
At present, uuzuche.com is operating in four big cities, Beijing, Shanghai, Chengdu and Sanya, with a membership of over 10,000 car owners.
FinSMEs
26/09/2014