Source Code Capital Portfolio Company CassTime Announces $50 Million Series C2 Funding Round, Source Code Capital Co-Led Series C1
The business has expanded to 366 cities nationwide, serving 1.5 million vehicles per month.
On June 22, CassTime, a leading company in China's automotive aftermarket, announced the completion of a $50 million Series C2 funding round. The round was led by Greater Bay Area Homeland Investments Limited, with Taihe Capital serving as the exclusive financial advisor. Source Code Capital was a co-lead investor in the Series C1 round.
It has only been a little over half a year since CassTime completed its $80 million Series C1 round. Amid the pandemic, capital markets have adopted more cautious investment strategies, yet CassTime has managed to buck the trend and secure renewed recognition from investors — a testament to its core competitiveness and position in the industry. The proceeds from this round will continue to be deployed toward technology R&D, platform infrastructure development, and market expansion.
Founded in 2015, CassTime has repeatedly won the favor of and received multiple rounds of investment from institutions including HSG, Source Code Capital, Shunwei Capital, Fosun RZ Capital, Hua Capital, and Fengyuan Capital.
CassTime is committed to building the technological infrastructure for the automotive aftermarket, collaborating with upstream and downstream industry players to establish industry standards and a digital credit system, and driving digital transformation in the automotive aftermarket. Its business spans the one-stop auto parts trading platform "CassTime," the smart auto repair shop management system "Workshop No. 1," supply chain finance, and auto parts logistics.
CassTime's flagship one-stop auto parts trading platform, "CassTime," has rapidly grown to become one of the largest auto parts trading platforms in China. By reconstructing the auto parts transaction chain, CassTime has solved the efficiency problem in parts trading. Its "AI + Big Data" intelligent search engine, VIN code parser, and intelligent transaction matching have significantly boosted the efficiency of auto parts transactions. At the same time, it has established standards and a credit system for auto parts trading. By connecting with high-quality source suppliers, CassTime has built a quality guarantee system where all parts are warranted and counterfeits are compensated, along with an after-sales service system that includes technical support, making auto parts transactions more reliable. Additionally, CassTime helps suppliers improve inventory turnover and capital efficiency through data services and supply chain finance.
CassTime is dedicated to building an "open, cooperative, and win-win" industrial internet ecosystem for the automotive aftermarket. It has currently connected with 1,600+ quality suppliers and serves 86,000+ professional repair shops nationwide, with a near-99% fulfillment rate for premium vehicle parts on the CassTime platform.
CassTime Founder & CEO Yongxing Jiang said: "The automotive aftermarket is a massive track, and also a long one — similar to a triathlon, it's a test of physical strength, endurance, and mental resilience. Of course, you also need to allocate your energy wisely according to your own characteristics, which comes down to a company's ability to choose and execute its strategic path. As a technology company, CassTime is committed to building the infrastructure for the automotive aftermarket, bringing technological advancement and standardization to the industry. We firmly believe that as long as we stay on the right side of trends and keep iterating, we can continuously evolve. Against the backdrop of technological progress and accelerating digitalization, CassTime hopes to embrace new development opportunities in the automotive aftermarket together with our industry partners."
Currently, CassTime's business has expanded to 366 cities across China, serving 1.5 million vehicles per month. This investment from Greater Bay Area Homeland Investments Limited will help CassTime achieve faster growth nationwide, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area. Starting in Shenzhen and growing in the Greater Bay Area, CassTime will further leverage the region's strong technological innovation resources and unprecedented development opportunities to advance digital transformation in the automotive aftermarket and establish a national business network covering Hong Kong, Macao, and other regions. At the same time, CassTime will utilize its own technological advantages and capabilities to actively seize the opportunity of the Greater Bay Area's development as an international innovation and technology center, contributing to the region's growth.
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