Car-sharing Provider GoFun Completes Series B Financing, Planning for Listing

Chinese car-sharing provider GoFun recently completed its Series B financing with several investors, including State Development & Investment Corporation (SDIC) and Chery New Energy, amounting to hundreds of millions of RMB, according to 36Kr.

The backers of this round of financing are mainly large national investment funds and Chinese local industry guide funds.

Founded in 2016, GoFun is a shared travel platform from Beijing Shou Qi Group. The company previously completed two rounds of financing, including a strategic round by Volkswagen in 2016 with an undisclosed amount and the Series A round worth 214 million yuan in 2017 backed by Harvest Investments, Volkswagen and Chery New Energy.

The company will break down technical barriers and further expand its market in China. Specifically, GoFun will upgrade vehicle resources, software, hardware, offline operation and standardized services.

Since the car-sharing industry had difficulties back in 2018, car-sharing startups including TOGO and GreenGo encountered deposit return problems and similar platforms like Daimler-Benz-supported car2go experienced major setback in the Chinese market.

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In order to walk out of the swamp, Andrew Tan, CEO of GoFun, introduced the C2C mode, which absorbs individual vehicle providers to achieve rapid growth in vehicle scale. Also, the company converted its self-operating stores into a franchise, encouraging individual investors to join their market expansion.

36Kr also cited people familiar with the matter that GoFun is planning for listing and is currently making corresponding plans with domestic investment banks.