iCarsClub gets $60m Series B funds for China arm

Singapore’s iCarsClub has raised $60 million, in Series B round of funding, for its China venture – PPzuche, a Chinese peer-to-peer (P2P) car-rental – from IDG Capital Partners & MorningSide Ventures.

Source Code Capital, Sequoia Capital, Future Capital and Crystal Stream also participated in this round of funding, taking the company’s total financing to $70 million.

PPzuche, which was launched in Beijing during the second half of last year, will use the funding to expand operations and improve the quality of its offerings. The portal allows private vehicle owners to rent out their cars and earn money, and is currently available in 11 Chinese cities.The platform already has over 100,000 registered vehicles.

In Singapore, the company operates under the iCarsClub brand. According to its website, it launched Singapore operations on December 12, 2012 and is supported by the city state’s NUS Enterprise. Between Singapore and China, the company has about 120,000 private cars registered with it.

The company had raised its Series A round of funding in June this year from Sequoia Capital China, Crystal Stream Capital, Meituan CEO Wang Xing, Qunar CEO  Zhuang Chenchao and from Huang Mingming of Future Capital.

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.