Last week, Singapore-based rental service iCarsClub officially secured a large second round of funding. Steven Millward for TechinAsia reports on the company's recent success in the article, "Two names, two countries, 120,000 cars, and $60M in funding, iCarsClub gets a fresh round".
iCarsClub and its Founder Eddy Zhang are Graduates of the Singapore Founder Institute.
Operating in Singapore as iCarsClub and as PPzuche in 12 Chinese cities, the online portal and mobile app offers peer-to-peer car rentals for an affordable price. Car owners can rent out their vehicles to approved renters in need of short-term transportation as a way to earn a little extra income.
Singapore, a country where government regulations make it notoriously difficult to own a car, offers the perfect environment for rental services like iCarsClub. iCarsClub is a lower-cost alternative compared to more formal services, making it the ideal target of major funding. In their most recent round, iCarsClub has gained the financial support of IDG Capital Partners and MorningSide Ventures to raise $60M. They plan to use funding to expand their operations and make general improvements to their system.
Earlier this year, the company gained interest from investors like Sequoia Capital China, Crystal Stream Capital, Wang Xing, Zhuan Chenchao and Huang Mingming, earning $10M in series A funding and helping them to expand to more Chinese cities.
For more information on iCarsClub and their unique service, please visit their official website.
