Cheyipai Raises US$110 Million in a Series D Financing Round (Asia)

Source: Asian Venture Capital Journal | Author(s): Winnie Liu

China-based social networking platform Renren has led a US$110 million Series D financing round for China-based second-hand car trading platform Cheyipai. Venture capital firms Sequoia Capital, Matrix Partners and Morningside Technologies and CITIC Capital, the private equity arm of CITIC Capital Holdings, also participated in the round. The company intends to use the fresh capital for offline business development and for hiring additional professionals to improve car testing and after-sales services.