Car rental platform Wukong Zuche receives USD 74M for Series B
Wukong Zuche
Founder: Hu Xianhe
Founded in: 2014
Financing status: RMB 500 million (USD 74 million) for Series B financing in 2017
Car rental platform Wukong Zuche on Friday received USD 74 M for Series B financing round to expand its car rental services across China.
According to the CBNData, the overall market size of car rental in China will grow to RMB 380 billion (USD 56 billion) in 2018. Currently Didi Chuxing and Shenzhou Zuche are the largest players in this industry. But the market size is growing, so that there are still some new competitors joining to provide different products or services to boost the development of this industry.
Wukong Zuche is a car rental platform that integrates its car rental services with tourism sector. It provides a unique product by integrating tens of thousand small and medium-sized taxi companies across China, to help them expand their service from offline to online and to improve user experience. Its service allows users to rent a car at one place and return it at another. Meanwhile, it also combines its car rental service with some tourism services such as local tours.
Founded in 2014 in Beijing, by now it has formed partnership with more than 1000 car rental companies. Its service has covered over 150 cities in China. Customers can rent cars in its offline outlets, or place orders online for renting cars.
Wukong Zuche previously raised funding from ZhenFund, Bojiang Capital Management Group, and others. This new financing round was led by Yunnan Metropolitan Construction Investment Group Co., Ltd., and the capital will be used to expand its business to provide services in all major cities in China, as well as to introduce new types of car rental services.
Biopharmaceutical company PegBio receives USD 20M for Series E
PegBio
Founded in: 2011
Financing status: RMB 135 million (USD 20 million) for Series E financing in 2017
Biopharmaceutical company PegBio on Friday receives USD 20 M for Series E financing round to develop more drugs for diabetes.
PegBio is a biopharmaceutical company that mainly focuses on the treatment of diabetes and obesity.
For a long time, the biggest problem for diabetic patients is that they are asked to take insulin at mealtimes daily, which has caused great inconvenience to their daily life and work. While PegBio’s new drug is expected to improve this situation by enabling patients to inject insulin weekly, so that patients can be released from daily injection. In addition, its new drug has finished the clinical trial in the US, with its safety and effectiveness effectively validated.
Another challenge for diabetic patients is to reduce complications and control weight. PegBio’s new drug for diabetes can also help patients maintain their weight, which is expected to be a new milestone in the field of diabetes and obesity in China.
Founded in 2011 in Suzhou, Pegbio works with hospitals and medical organizations to promote its treatment solutions, as well as its drugs.
This Series E financing round was led by Tasly Holding Group. PegBio plans to use the fund to invest on the research and development of new drugs, as well as building a platform for patients management.
（Top photo from Sohu.com）
