Sequoia Capital Leads Series B Round In Souche.com

Chinese used car information provider Souche Holdings Ltd. says the company has raised around US$10 million of series B financing.

Sequoia Capital led the the round. Existing investors Morningside Ventures and Yuan Du Ventures also participated.

Souche says it will use the proceeds toward enhancing brand awareness and national expansions.

Founded in November, 2012, Souche provides information on used cars on its website souche.com. Car buyers can also receive certification services and quality guarantee at the company’s physical stores.

In 2012, nearly 4.8 million used cars were sold in China, with total transaction volume amounting to more than RMB263.6 billion ($42.9 billion), according to China Automobile Dealers Association.