Baird Capital, the private equity investment arm of Milwaukee-based Robert W. Baird & Co., has agreed to lead an undisclosed series A round of financing for Shanghai-based used car auction platform Carsing, according to an official announcement.
The proceeds will be used for Carsing’s expansion to serve China’s automotive market.
"The used car landscape in China today is hindered by information asymmetry and inefficient distribution channels," says Lin Zhe, founder and CEO of Carsing, in the statement, "This year we plan to grow to at least nine cities by opening 30 stores, and continue to provide the best experience for our customers."
Founded in 2009, the company currently has 15 locations in Shanghai and Shenzhen. It aims to improve consumers’ experiences when selling used vehicles by providing inspection services and facilitating transactions to automobile dealers through mobile auctions.