Maple Leaf Closes Pre-series A Round Of Funding
Maple Leaf has concluded its pre-Series A round of investment, which was headed by New Margin Ventures and followed by Daohe Investment and other state-backed investors, for a total of tens of millions of CNY. Additionally, the current shareholder, Junying Investment, participated in the transaction.
To construct the digital operation management system, assist brand growth, and extend the size of the fleet, the funds will be utilized in conjunction with other existing resources.
“There are a lot of automobile rental companies in China, but they are all spread out. There is no apparent leader to build a monopoly or to achieve economies of scale in this market. As a result, there is potential for market segmentation “Zhu Yifan, a partner at New Margin Ventures and the company’s chief financial officer, explains. “The primary trends will be scale, uniformity, and quality,” says the author.
Maple Leaf Car Rental was established in June of this year. The company offers short-term and long-term rentals for people and businesses via a self-owned app and a collaborative platform, as well as tailored rental services for consumers.
Currently, Maple Leaf Car Rental has expanded its service area to include more than 30 major cities and runs more than 1,200 locations worldwide. In all, the firm has almost 3,000 high-end luxury vehicles, with BBA models accounting for more than 65 percent of its fleet (Benz, BMW, and Audi). The fleet has only been in service for a little more than two years.
