SoftBank-backed car trading firm Chehaoduo nets $300m to hit decacorn valuation's offline store. Source: Chehaoduo

Beijing-based Chehaoduo, a Chinese online car trading group backed by investors like SoftBank’s Vision Fund and Sequoia Capital China, announced on Thursday the completion of a new funding round at $300 million to reach the decacorn valuation of over $10 billion.

The new round was led by H Capital, a China-focused venture capital (VC) firm founded by former Tiger Global partner Chen Xiaohong. Sequoia Capital China and Beijing-based investment firm IDG Capital also participated in the round, Chehaoduo announced in a WeChat post.

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