Shenmachuxing powers up $20m series A

Apr 10, 2019 • Jack Hammond

The Red Avenue New Materials Group-backed new energy vehicle trading platform has raised $20m in a KTB Investment & Securities-led round.

Shenmachuxing, the China-based electric vehicle trading platform backed by chemical manufacturer Red Avenue New Materials Group, has raised $20m in series A funding.

Financial services firm KTB Investment & Securities led the round, which also featured venture capital firm Frees Fund.

Founded in 2018, Shenmachuxing has developed a platform for the buying and selling of rural new energy vehicles (NEVs) which are partially or fully powered by electricity. It also offers software that helps vehicle dealers with services such as…

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