Source Code Capital portfolio company CassTime raises $35M in Series C3 round led by returning shareholder Source Code Capital

源码资本·December 15, 2020·4·5

One-stop auto aftermarket industrial internet platform & industry solutions.

On December 15, CassTime, a leading company in China's automotive aftermarket, announced that it had completed a $35 million Series C3 funding round. The round was led by returning investor Source Code Capital, with HSG, Greater Bay Area Homeland, and Shunwei Capital participating. In less than six months, CassTime raised a total of $85 million across its Series C2 and C3 rounds. Source Code Capital, a returning investor, was a co-lead investor in the Series C1 round.

Amid the dual pressures of a capital winter and the COVID-19 pandemic, CassTime's continued ability to secure funding not only underscores its tremendous value as an industrial internet company in the automotive aftermarket, but also fully validates the capital market's strong recognition of its market position and brand influence.

As an industrial internet technology company in the automotive aftermarket, CassTime is committed to driving digital transformation across the industry, building open and shared technology infrastructure, and establishing industry standards and a digital credit system. Currently, through AI and data, and following a "Google + Meituan" model, CassTime has built a one-stop industrial internet platform and industry solutions for the automotive aftermarket. These include the auto parts trading platform "CassTime," the auto repair shop SaaS software "Workshop No. 1," auto parts logistics, and supply chain finance infrastructure.

After nearly six years of sustained investment in technology R&D, platform infrastructure, and market expansion, CassTime has become one of the most closely watched companies in China's automotive aftermarket. CassTime founder and CEO Yongxing Jiang stated that this round of funding will continue to be directed toward product development and market expansion, further strengthening the product traceability system, addressing the challenges of parts purchasing and after-sales tracking, ensuring genuine products, and making auto parts transactions more trustworthy.

About "CassTime"

Yi Cao, founding partner of Source Code Capital, said: "The auto parts distribution chain is long and highly complex. CassTime uses information technology and internet platforms to reshape the entire industry chain and value chain, building a one-stop automotive aftermarket industrial internet platform that accelerates the industry's digital transformation and makes it more accessible to all. This is precisely the value of an industrial internet platform. The CassTime leadership team possesses exceptional strategic vision and strong execution capabilities. We believe that under Mr. Jiang's leadership, CassTime will continue to leverage its competitive advantages, maintain its growth momentum, and lead the industry to new heights."