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Geely’s green ride-hailing branch Cao Cao Car landed funding to spread business, & more

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Ride-hailing startup Cao Cao Car received USD 225 M for Series A

Cao Cao Car

Founded in: 2015

Financing status: RMB 1.5 billion (USD 225 million) for Series A financing in 2017

Ride-hailing startup, Cao Cao Car, received USD 225 M for Series A on August 12. It plans to use the funds to expand its ride-hailing services into more cities in China.

It is predicted that the car will be the next smart mobile terminal. Already, many car manufacturers are integrating advanced internet technologies into their cars, which allows them to acquire and analyze car owners’ travel data and thereby provide customers with better services. Another trend we are seeing is that people are taking more taxis as the traffic becomes heavier in China’s big cities.

Though Didi has purchased its biggest competitor Uber’s business in China to become the country’s ride-hailing giant, it is not without its problems. For one, its services are not standardized, and we know that pushing cars on the road for ride-hailing services is not environmentally sustainable. Now, there is a new ride-hailing company vying with Didi for the ride-hailing market, and this one has large quantities of new energy vehicles, as well as standardized services.

Cao Cao Car is a ride-hailing startup backed by the Chinese multinational automotive manufacturing company, Geely. It provides users with high-end ride-hailing services in China using Geely’s imperial EV, which is two-thirds the price of petrol vehicles and environmentally friendly.

Unlike Didi, Cao Cao Car recruits drivers itself, and equips them with uniforms and Geely’s  imperial EV in order to provide a unique ride-hailing service.

Founded in 2015 in Hangzhou, its ride-hailing services are currently available in 12 cities in China, including Hangzhou, Guangzhou, and Xiamen, and the company is recruiting drivers to expand its services to other cities. Cao Cao Car has more than 10,000 imperial EV’s from Geely–more than 8000 of which have been placed in cities for operation–and electric car rental services in some cities.

By now, Cao Cao Car has received a total of RMB 2 billion from Geely. This new financing round was led by Zhongrong Prosper AMC, with People Appliance Group China participating as investors. The capital will be used to recruit more drivers to expand its business to more cities in China, and invest in the development of city logistics.


Fin-tech company Dengta received USD 8.3 M for Series A

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Founder: Rong Qiang

Founded in: 2015

Financing status: RMB 55 million (USD 8.3 million) for Series A financing in 2017

Fin-tech company, Dengta, received USD 8.3 M for Series A on August 13 to integrates its financial services with AI technology.

Dengta is a fin-tech company that focuses on assisting investors with investment decisions, as well as reducing the cost of acquiring and analyzing information. It mainly provides customers with internet financial securities related information and analysis through online and big data technology.

Founded in 2015 in Wuhan, it not only provides individual investors with financial services, but also integrates its technology and data analysis services with security companies for a larger market share. Its services have connected 15 security companies in China.

Dengta grabbed this Series A financing round, led by Kaitai Capital, with other venture capital firms participating as investors. It plans to use the funds to invest in market expansion plans to acquire more customers. It also plans to spend money on the research and development of finance-related applications, integrating AI technology to boost its business.

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