Haoqipei, a Chinese B2B marketplace for auto parts, has raised $60 million in a Series D round, led by Access Technology Ventures, the venture capital and growth technology investment arm of US-based industrial group Access Industries.
Existing investors XVC Venture Capital, Jeneration Capital, DCM and SIG also participated in the round.
Founded in 2016, Haoqipei is an online, technology-driven trading platform connecting vehicle repair shops with auto part suppliers.
The company provides market price comparisons and online payments through its software as a service (SaaS) system, and offline warehousing and logistics services.
Haoqipei claims that it has a presence in more than 100 cities in Guangdong, Zhejiang, Hunan and other provinces. The company has raised more than $150 million in private capital to date.
It will use the current round of funding to further accelerate the growth of its online B2B auto parts marketplace. With the investment, David Yang, Principal at Access Technology Ventures will join Haoqipei Board of Directors.
“Haoqipei represents a unique opportunity to leapfrog offline auto parts distribution by moving directly to an online model,” said Yang.
He noted that Access Technology Ventures has been an investor in Haoqipei since 2018, calling it “a prime example of our investment thesis to back market-leading foundational technology companies serving large- end markets at compelling inflection points.”
Access Technology Ventures is the $2+ billion venture capital and growth technology investment effort of Access Industries, a privately held, US-based industrial group with global strategic investments of over $20 billion.
Access Industries was founded in New York in 1986 by Len Blavatnik, a global entrepreneur and philanthropist. Its portfolio companies include leading technology firms such as Alibaba, Amazon, Digital Ocean, Facebook, Opendoor, PinDuoDuo, Snap, Square and Tencent Music.