China Digest: Qiming backs car rental provider Zuzuche; GF Xinde invests in edtech firm

Photo: Reuters

China’s Qiming backed car rental service provider Zuzuche in a Series C funding round, while GF Xinde Investment invested $14.79 million in Series C2 round in edtech startup Acadsoc.

Qiming backs car rental service provider Zuzuche 

Chinese overseas car rental service provider Zuzuche has raised an undisclosed amount in a series C funding round, led by the country’s venture capital firm Qiming Venture Partners, China Money Network reported.

Zuzuche.com was launched in July 2011 to provide car rental service, online scenic spot tickets purchase, local feature food and restaurant recommendation, insurance, and other tourism services for overseas self-driving travelers.

Business users can use Zuzuche.com to search car rental information for designated driving, car chartering, and wedding celebrations in more than 200 cities in China. It aims to provide favorable renting search and booking services for overseas regions.

ZuzuChe has raised a total of CN¥10M in funding over three rounds, according to Crunchbase. It raised Series B in 2017 and Series A in 2011.

Recently, Chinese chauffeured car service provider UCAR has entered into an agreement to acquire 67 per cent interest in auto parts manufacturer Beijing Borgward Automobile in a 4.1 billion yuan ($610 million) cash deal.

Edtech startup Acadsoc raises close to $15m in Series C2 round

Hong Kong-based edtech startup Acadsoc has secured nearly RMB100 million (US$14.79 million) in a series C2 funding round, led by its existing shareholder GF Xinde Investment, China Money Network reported.

This investment round comes in less than three months after the company completed a series C1 round, which was jointly led by IDG Capital and Shenzhen Capital Group. Other investors included Venture Factory and Bofu Fund Management.

Acadsoc, fully known as Shenzhen Acadsoc Information Co Ltd, was registered in June 2013 to start its business by providing one-on-one English tutoring services.

In 2016, it diversified its services, providing online English courses for primary school and middle school students, adults, and those preparing for BEC, IELTS, and TOEFL tests.

GF Xinde Investment Management is a private equity and venture capital firm specializing in angel, startup, early, pre-IPO, growth capital, mature-stage, mezzanine, mergers and acquisitions investments. The firm seeks to invest in sectors that are supported or encouraged by the People’s Republic of China.

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