iCarsclub, a car sharing platform more commonly known as PPzuche in China, secured US$10 million of Series A financing led by Sequoia Capital China and followed by Crystal Stream Capital.

The funding will be used to expand car fleet and construct customer service team, according to the company’s CMO Wang Jiaming. The startup has received 3 million yuan (US$480K) of angel investment from Singapore government-backed National Research Foundation and Redot Venture.

Instead of owning cars, PPzuche creates a virtual fleet from car owners who list their cars on the car sharing platform and rent them out to nearby drivers who can use the app for key-less entry. The Singapore-startup entered Chinese market by rolling out service in Beijing last October and planned to expand to more Chinese cities like Shanghai and Guangzhou. To protect the interest of car owners, PPzuche cooperates with PICC in China to provide insurances for all the personal cars on the platform.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.