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Venture Capital
by tj on October 21, 2005

"The startup, founded in 2001, said it expects to book 100 million Yuan ($12.4 million) in revenue for 2005. It employs 300.
Chinacars provides a variety of services including an informational web site, traffic data, positioning systems, and an Auto trading market.
The startup collected a seed round in 2001 from the Wanxiang Group, a Chinese auto part manufacturer. Wanxiang CEO Lu Weiding said his firm believes the Internet has great potential to help consumers in the auto market.
Menlo Park, California-based Granite Global, backers of Alibaba (see Yahoo's $4B Alibaba Move), believe in the company's potential to exploit opportunities in China. "The auto industry and the Internet industry share a very important trait: they are both liberating forces for people's lives," said Jenny Lee, an executive director at Granite Global.
The venture firm also liked Chinacars' business model. "You're seeing a lot more U.S. VCs heading over to China and Internet business models are a good place to start for these companies," said Managing Director Scott Bonhem. "They require a small amount of capital and you can scale them very easily."
Permalink: chinacars.com with $8 million round
Trackback: http://publish.creative-weblogging.com/publish/mt-tb.pl/10475
Mr Wong
Vote for chinacars.com with $8 million round:
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Rating: 8.50 out of 2 vote(s) cast.
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Response from:
ash
(03/03/06 2:35pm)
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Chinese cars are finally being recognized....and not just US cars