China: Carzone raises $50m Series B+; Huodongxing secures funding from Tencent, others

Image from Carzone website

While Chinese auto-parts e-commerce site Carzone has raised $50 million in a Series B+ round, the country’s largest event ticketing platform Huodongxing has secured funding from strategic investors, including Tencent.

Carzone secures $50m in Series B+

Chinese auto-parts e-commerce platform Carzone has raised $50 million in its Series B+ round from CICC Alpha, Co-Stone Capital and a Chinese insurance company, according to a China Money Network report.

With the latest round, Carzone has raised funds totalling RMB800 million ($117 million).

Previously, it completed an RMB10 million ($1.4 million) pre-Series A round from unnamed investors in 2014, then an RMB200 million ($29 million) Series A from Co-Stone and Fude Ventures in 2015. It raised a $50 million Series B round from Goldman Sachs last November.

Carzone offers a wide range of auto-parts as well as automobile repair and maintenance stores. It currently has 15 warehouses and over 300 retail outlets across China. It will use the latest funding to improve its database and set up a smart storage and distribution centre.

According to IBIS World’s report, the total number of automobiles in use in China was about 172 million units at the end of 2015. Meanwhile, the Traffic Management Bureau recorded the number of registered passenger cars of 190 million units in 2016.

IBIS World also cited that the revenue for auto-parts manufacturing industry in China has been growing at 10.6 per cent per year from 2011 to 2015. Last year, the industry revenue was expected to grow by 4.7 per cent to $584.7 billion.

Huodongxing raises Series A+

Tencent Holdings, co-working space firm UrWork and Japan’s Recruit Holdings participated in Series A+ round of China’s leading event online ticketing platform Huodongxing.com, according to a China Money Network report.

Apart from the funding worth tens of million RMB in this round, Tencent will provide a new advertising channel to Huodongxing, UrWork will support event venues and introduce SMEs to the platform, and Recruit Holdings will lead the expansion into Japanese market.

The latest round, increasing the company’s post-money valuation to RMB300 million ($44 million), will be used to expand its operations and enlarge its team.

Huodongxing claims that it had over 10 million users on its platform. Last year, over 800,000 events were posted and 4 million tickets were sold. Its customers include Chinese giants such as Huawei Technologies, Microsoft, Tencent and Alibaba.

It aims to partner with 1,000 companies and increase the percentage of paid events from the current 25 per cent to 35 per cent this year.

The startup had earlier raised tens of millions US dollars from SAIF Partners, Qualcomm and DCM Ventures.

In March, its main competitor 31 Huiyi announced it had raised RMB40 million in a Series A+ financing round led by Sharelink Capital. Other investors in the round were Chuanghehui Investment and Visino Investment.

Also read:

Oriza, CICC Alpha lead $139m series D in Shanghai startup UCloud

China: CICC leads $73m round in XG Entertainment

Joy Capital leads $14m series A+ in Chinese apartment rental platform Danke Gongyu

Qualcomm partners Chinese funds to design, sell smartphone chipsets

DCM Ventures leads $10m Series A in Chinese real estate crowdfunding platform

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.