Tencent invests in YoucheYihou.com
03 Jan 2019
Tencent has co-invested 200 million RMB ($29 million U.S.) in Chinese auto news and information provider YoucheYihou.com. Other investors included venture capital firm Plum Ventures, Ningbo Xinmei Asset Management, Shenzhen Oriental Fortune Capital, and Blueprint Innovation Investment Management.
YoucheYihou.com was founded in 2014. It claims to be valued at more than 2 billion RMB ($290.9 million U.S.) following the closure of this latest funding round, the second to involve Tencent.
Tencent’s backing is another instance of the company investing in successful users of its WeChat-based mini-program ecosystem. It previously invested in c-to-b-to-c used books marketplace DuoZhuaYu. The YoucheYihou mini-program has more than 10 million users, according to the company’s own statements.
Guangzhou and Beijing-based YoucheYihou.com is a rising challenger to Autohome (NYSE: ATHM) and BitAuto (NYSE: BITA) — the two largest auto information providers in China. The company claims to have more than 60 million users across its website, app, and mini-program. YoucheYihou has seven regional offices across China, employing approximately 300 people.
Tencent, China’s biggest social media and gaming company, also runs China’s dominant social network, WeChat, with more than 1 billion users.
Additional reporting: Dealstreet Asia