N5 Capital Leads $10M Series A Round In Che101

Beijing-based second-hand automobile trading platform Che101 has completed US$10 million series A funding led by N5 Capital, according to Chinese media reports.

Existing investor Lightspeed Venture Partners also participated in the round.

Che101 previously received several million U.S. dollar investment from Lightspeed.

The company says it plans to expand its used car database to 50 cities by the end of this year, up from seven cities it covers right now.

Che101’s platform provides information on second-hand cars, as well as related services including insurance, valuation, and auto loans.

China’s second-hand car market is expected to reach 20 million vehicles in 2018, with a market size of RMB2 trillion (US$322 billion).