The damaged and restored vehicle marketplace has now raised $45m in under a year, with insurance firms CPIC and Ping An among its investors.

China-based restored car marketplace Bochewang has raised RMB200m ($30m) in a series B round led by China Pacific Insurance Corporation (CPIC), Asian Venture Capital Journal has reported.

Kinzon Capital, a venture capital subsidiary of investment group Fosun, participated in the round as an existing backer, while Sino-Ocean Land and Far East Horizon came on board as new investors. CPIC put up half the money for the round.

Bochewang acts as a middleman for insurance firms that sell vehicles damaged in…