Business-to-business (B2B) auto parts trading platform Haoqipei announced that it has closed a $60 million Series D funding round to continue its rapid growth across China. The round was led by Access Technology Ventures, with David Yang joining the Haoqipei Board of Directors. This round also witnessed participation from existing investors XVC Venture Capital, Jeneration Capital, DCM, and SIG.
Haoqipei was founded in 2016 and has raised more than $150 million in private capital to date. The Haoqipei trading platform is an online, technology-driven 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 operates 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 $180 billion-plus automotive aftermarket will continue its strong growth,” said 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.”