P2P car rental ATzuche receives record crowdfunding
Chinese P2P car rental ATzuche secured over USD 14.7 million via JD’s private equity crowdfunding platform
Chinese P2P car rental service ATzuche ("凹凸租车") raised over RMB 95.5 million (USD 14.7 million) via JD’s private equity crowdfunding platform, JD Dongjia, last Friday.
Several investment firms participated in ATzuche’s equity-based crowdfunding project, including GEMA Capital Partners Ltd. and Hui Jin Capital.
ATzuche’s platform is a P2P service that lets users rent out their unused cars. According to the company, cars on ATzuche are rented at prices roughly 30% to 50% lower than their market price. The company claims that unlike other platforms, which mostly list low-end car models below 400,000 yuan ($61,700 USD), ATzuche differentiates itself by listing more unique and luxury cars.
ATzuche takes a commission fee on rental transactions, and monetizes on insurance and service fees.
Officially launched in May 2014, the company completed a $10 million USD A series led by Matrix Partners China in October same year. In November 2015, the company completed a 300 million yuan ($46.3 million USD) B round of financing from China Pacific Insurance, CSC, Hearst capital, Ivy Capital Partners, and Matrix Partners China.
In China, a number of other P2P car rental services have secured funding over the past two years, including Shanghai-based 51auto, which raised a $30 million USD round of series C funding last year. This February, iZuche acquired a 40% stake in Guangzhou-based P2P car rental service Reocar.
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