Sequoia Capital Leads Financing Rounds in Cheyipai and to8to (Asia)
Source: Cheyipai, Asian Venture Capital Journal | Author(s): Winnie Liu
Venture capital firm Sequoia Capital has led a US$50 million financing round in China-based second-hand vehicle e-commerce platform Cheyipai. Venture capital firms Morningside Ventures, Matrix Partners and CITIC Capital, which each took part in the previous two rounds of financing, also participated in the new round. Cheyipai intends to use new funding to optimize the online-to-offline service experience and speed up the expansion of its national network. Separately, Sequoia has led a Series B financing round in China-based online renovation site to8to. Existing investor Matrix Partners also participated in the round, which was reported to be around RMB100 million (approximately US$16 million). The company intends to use the fresh capital to expand its networks in China.