On the 19th of October P2P private car rental platform Atzuche announced that it had received US$10 million in its series A financing. Matix Partners China was the lead investor and Ceyuan Ventures also participated in this financing round. In the first half of this year Atzuche also received an angel investment of 10 million RMB in total from Ceyuan Ventures and Zhen Fund. This latest investment will help Atzuche enter the top ranks of the P2P car rental field.
Atzuche officially went online in May 2014. It is has a similar model to successful foreign brands like Uber and Airbnb which use the “sharing economy” concept.
Wenjian Zhang, CEO of Atzuche says, “At the start of operations we spent a lot of time working out the legal aspects of the business. We spent half a year working out the insurance policies”.
Atzuche has partnered with China Pacific Insurance to develop a new type of insurance policy with national coverage. This new policy costs 40 RMB per rental and provides full damage coverage in the case of serious accidents. Atzuche has set a high competition threshold in its field and eliminated its legal risks with this new insurance policy.(Translation by David)