SHANGHAI, June 19, 2019 /PRNewswire/ -- Business-to-business (B2B) auto parts trading platform Haoqipei today closed US $60 million in Series D financing to continue its rapid growth across China. Access Technology Ventures led the round, adding David Yang to the Haoqipei Board of Directors.
Additional participants in the financing included existing investors XVC Venture Capital, Jeneration Capital, DCM and SIG.
Founded in 2016 and now having raised more than US $150 million in private capital, Haoqipei is an online, technology-driven trading platform connecting vehicle repair shops with auto part suppliers. The company provides market price comparisons and online payments through its software as a service (SaaS) system, and offline warehousing and logistics services.
The company has a presence in more than 100 cities in Guangdong, Zhejiang, Hunan and other provinces.
"The auto industry in China is set to become the largest in the world, with nearly 250 million cars. As the average life of cars on the road continues to increase, the $180 billion-plus automotive aftermarket will continue its strong growth," said Chen "Alex" Xi, Haoqipei founder and CEO. "Haoqipei is transforming the process of purchasing auto parts by decreasing costs, improving quality and increasing speed and transparency. The value proposition to both buyers and sellers on our online platform is very strong."
Yang said, "Haoqipei represents a unique opportunity to leapfrog offline auto parts distribution by moving directly to an online model." He noted that Access Technology Ventures has been an investor in Haoqipei since 2018, calling it "a prime example of our investment thesis to back market-leading foundational technology companies serving large- end markets at compelling inflection points."
XVC Partner Boyu Hu said, "Starting from a platform that matched suppliers and buyers, Haoqipei has developed into the go-to place for auto parts, covering the full lifecycle of the transaction, including marketplace, warehousing, and logistics. Haoqipei's business model development continues to lead the industry and create competitive advantages. As the earliest institutional investor in Haoqipei, and one of its largest investors, XVC continues to support Haoqipei's future growth."
Founded in 2016, Haoqipei is a leading online B2B marketplace for auto parts in China. Haoqipei applies technology and data to improve its marketplace efficiency, as well as offers offline warehousing and logistics services to facilitate transactions. Existing investors include Access Technology Ventures, DCM, Jeneration Capital, SIG, XVC Venture Capital, DST, Redpoint and Shunwei.
About Access Technology Ventures
Access Technology Ventures is the $2+ billion venture capital and growth technology investment effort of Access Industries, a privately held, US-based industrial group with global strategic investments of $20+ billion. Its portfolio includes leading technology companies such as Alibaba, Amazon, Digital Ocean, Facebook, Opendoor, PinDuoDuo, Snap, Square and Tencent Music. Access Industries was founded in New York in 1986 by Len Blavatnik, a global entrepreneur and philanthropist. Access Industries invests in industries where it can maximize long-term value by developing regional and global market-leading companies.