Ex-Baidu Founder Shakes Hands With Tencent In $85M USD Renrenche Funding Boost

Used-car sales platform Renrenche has scooped $85 million USD in Series C funding from Tencent. The company, which was founded by a series of ex-Baidu employees, now has a valuation of $ 500 Million USD. 

Founded in April 2014, the company received $5 million USD series A funding from Redpoint Ventures and launched its services in July in Beijing, Guangzhou and Shenzhen.

Only five months later the Beijing-based company announced US$20 million in B series funding, valued at $ 150 million USD. It was led by Ceyuan Ventures and Shunwei Ventures, the venture capital fund backed by Xiaomi CEO Lei Jun and existing investor Redpoint Ventures also participated in the funding. 

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