Business-to-business (B2B) auto parts trading platform Haoqipei has closed a USD60 million Series D financing round led by Access Technology Ventures, with David Yang joining the Haoqipei Board of Directors.
Additional participants in the financing included existing investors XVC Venture Capital, Jeneration Capital, DCM and SIG.
Founded in 2016 and now having raised more than USD150 million in private capital, Haoqipei is an online, technology-driven trading platform connecting vehicle repair shops with auto part suppliers. The company provides market price comparisons and online payments through its software as a service (SaaS) system, and offline warehousing and logistics services.
The company has a presence in more than 100 cities in Guangdong, Zhejiang, Hunan and other provinces.
“The auto industry in China is set to become the largest in the world, with nearly 250 million cars. As the average life of cars on the road continues to increase, the USD180 billion-plus automotive aftermarket will continue its strong growth,” says Chen “Alex” Xi, Haoqipei founder and CEO. “Haoqipei is transforming the process of purchasing auto parts by decreasing costs, improving quality and increasing speed and transparency. The value proposition to both buyers and sellers on our online platform is very strong.”
Yang said “Haoqipei represents a unique opportunity to leapfrog offline auto parts distribution by moving directly to an online model.” He noted that Access Technology Ventures has been an investor in Haoqipei since 2018, calling it “a prime example of our investment thesis to back market-leading foundational technology companies serving large- end markets at compelling inflection points.”
XVC Partner Boyu Hu said “Starting from a platform that matched suppliers and buyers, Haoqipei has developed into the go-to place for auto parts, covering the full lifecycle of the transaction, including marketplace, warehousing, and logistics. Haoqipei’s business model development continues to lead the industry and create competitive advantages. As the earliest institutional investor in Haoqipei, and one of its largest investors, XVC continues to support Haoqipei’s future growth.”