Shanghai-based peer-to-peer car rental start-up Atzuche has completed RMB300 million (US$47 million) series B round of financing from China Pacific Insurance, Ivy Capital, Hearst Ventures, Matrix Partners and Ceyuan Ventures, according to Chinese media reports.
Established in 2013, Atzuche received US$10 million series A funding led by Matrix Partners in October 2014.
Auzuche currently operates in 12 Chinese cities with over one million users. Its platform has over 100,000 registered vehicles for flexible rental use among personal consumers.
(Correction: An earlier version of this news brief mistakenly stated one of the investors as Hearst Capital, instead of the correct name Hearst Ventures.)