Source Code Capital has joined a RMB150 million (US$22.5 million) series C round of financing in automobile after-sales O2O (online-to-offline) service provider, eBaoyang, Chinese media reported.
The round is led by Yihao Capital, an entity that currently lacks any available identifiable public information.
Founded in 2014, eBaoyang completed a US$20 million series B financing led by Shenzhen-listed online gaming firm, Beijing Kunlun Technology Co., Ltd., last May.
Existing investor Source Code Capital, which injected US$5 million in a series A round at the time of the company’s establishment, also participated in that round.
eBaoyang says it will use the new financing on building up its offline network and supply chains, as well as improving its online services quality.
The Beijing-based company claims it has served over one million customers, providing regular maintenance services, auto parts sales, and auto insurance reimbursement services.
Source Code Capital is founded by Charlie Cao, formerly a vice president at Sequoia Capital China. It raised US$100 million for its maiden fund in September 2014.
