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- CassTime
CassTime Funding, Investors & Competitors
CassTime has raised $288M across 7 funding rounds, most recently a $27M Series D in September 2023.
Last CassTime funding round
$27M
Series D · Sep 2023
Cumulative funding CassTime raised
$288M
across 7 funding rounds
Key investors in CassTime
Shunwei Capital
HSG
Source Code Capital
Fosun RZ Capital
Huaye Tiancheng Capital
Greater Bay Area Homeland Development Fund
Mangrove Capital
SZHTI Group
About CassTime
CassTime is a China-based industrial internet company focused on the automotive aftermarket, providing a spare parts trading platform, SaaS workshop management systems, supply chain finance, and logistics services.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission, Subscription
CassTime Funding History
CassTime has raised a total of $288M across 7 funding rounds.
CassTime's first fundraising round was a $23M Series B in October 2017. The most recent completed round was a $27M Series D in September 2023.
CassTime funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2023 | Series D | Mangrove Capital; Vlight Capital; Wuhu New Energy Vehicle Investment Fund; Xinghang State-owned Assets Investment; SZHTI Group | $27M | CassTime Technologies, based in Shenzhen, China, operates a business-to-business platform for auto parts and accessories. The company raised $36 million in a Series B3 funding round led by Mangrove Bay Capital, with participation from existing investors Fosun RZ Capital and Shunwei Capital, and new investor Shanghe Capital. This brought CassTime's total funding from three Series B rounds to $95 million. |
| Dec 2020 | Series C | Source Code Capital (lead); Greater Bay Area Homeland Development Fund; Shunwei Capital; HSG | $35M | Casstime is a Shenzhen-based industrial internet company serving the automotive aftermarket with a business model that includes a B2B trading platform for auto spare parts, a SaaS management system for workshops, supply chain finance services, and logistics offerings. The company had garnered more than 1,000 auto parts suppliers on its trading platform and acquired more than 50,000 auto maintenance companies as clients located in more than 325 cities in China as of July 2020. Casstime raised $80 million in Series C-1 funding in October 2020, co-led by Sequoia Capital China and Source Code Capital, with participation from earlier backer Hua Partners. The automotive aftermarket e-commerce sector in China represented a significant growth opportunity, with the e-commerce penetration rate in the auto maintenance market predicted to grow from 5% in 2018 to 17% by 2025 according to Deloitte forecasts. |
| Jun 2020 | Series C | Greater Bay Area Homeland Development Fund (lead) | $50M | - |
| Oct 2019 | Series C | HSG (lead); Source Code Capital (lead); Huaye Tiancheng Capital | $80M | - |
| Aug 2018 | Series B | Mangrove Capital (lead); Shunwei Capital; Fosun RZ Capital; Top Alliance Capital | $37M | CassTime Technologies, based in Shenzhen, China, operates a business-to-business platform for auto parts and accessories. The company raised $36 million in a Series B3 funding round on or around August 23, 2018, led by Mangrove Bay Capital (also referred to as Mangrove Capital), with participation from existing investors Fosun RZ Capital and Shunwei Capital, and new investor Shanghe Capital (likely aligning with Top Alliance Capital in query). This brought CassTime's total funding from three Series B rounds to $95 million. |
| Mar 2018 | Series B | Fuqi Capital (lead); Zuoyu Capital (lead) | $36M | CassTime is a Shenzhen-based B2B platform founded in 2015, specializing in the automotive aftermarket with services including online trading of spare vehicle parts, supply chain financing, delivery organization, and software for mechanics like store management systems. It connects auto parts suppliers, repair shops, manufacturers, and vehicles through platforms such as CassTime Auto Parts and CassTime Procurement, leveraging big data, AI, and financial risk control. This preceded a $36.4M Series B3 in August 2018 led by Mangrove Bay Capital with Fosun RZ Capital, Shunwei Capital, and Shanghe Capital, bringing total funding to $95M at that point. Subsequent rounds included $80M Series C1 in October/December 2019 co-led by Sequoia Capital China and Source Code Capital with Hua Partners, $50M Series C2 in June 2020 led by Greater Bay Area Homeland Investments, a Series D1, and later D2/D3 rounds raising 200 million yuan from investors like Mangrove Capital and VLight Capital. Earlier sources note total Series B aggregated to CNY 650M (USD 100M). CassTime expanded to F2B transactions and gained government support, such as inclusion in Anhui's new energy vehicle plan. |
| Oct 2017 | Series B | Fosun RZ Capital (lead); Shunwei Capital; Huaye Tiancheng Capital | $23M | CassTime Technologies is a China-based automotive services provider specializing in after-market services, including a B2B trading platform for spare parts covering 45 car producers, supply chain financing, and cloud-based management software for garages. The company also offers vehicle testing and maintenance systems and had expanded to over 2,000 staff and multiple branches in Chinese cities by 2019. Fosun RZ Capital, along with Shunwei Capital, participated in CassTime's $23m series B1 round in 2017. This was part of a series of series B rounds, including a $36.4m series B3 in August 2018 led by Mangrove Bay Capital with Fosun RZ, Shunwei, and Shanghe Capital, bringing total series B funding to $95m, and an earlier series B2 in March 2018 with Fuqi and Zuoyi Capital. CassTime continued raising capital, completing a $80m series C1 round in 2019 co-led by Sequoia Capital China and Source Code Capital, with participation from Hua Partners, marking its ninth funding round to date. |
Who has invested in CassTime?
14 investors have backed CassTime across its funding rounds, including Shunwei Capital, HSG, Source Code Capital, Fosun RZ Capital, Huaye Tiancheng Capital and Greater Bay Area Homeland Development Fund.
Lead investors include Source Code Capital, Greater Bay Area Homeland Development Fund, HSG, Mangrove Capital, Fuqi Capital and 2 other investors.
CassTime Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Oct 2017 | ||
| 2 | Lead | Jun 2020 | ||
| 2 | Lead | Aug 2018 | ||
| 2 | Lead | Oct 2017 | ||
| 2 | Participant | Oct 2017 | ||
| 2 | Lead | Oct 2019 | ||
| 2 | Lead | Oct 2019 | ||
| 1 | Participant | Sep 2023 | ||
| -- | 1 | Lead | Mar 2018 | |
| 1 | Participant | Sep 2023 | ||
| 1 | Lead | Mar 2018 | ||
| 1 | Participant | Sep 2023 | ||
This data is available for Pro users. Sign up to see all 14 CassTime investors. Start Free Trial | ||||
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Start Free TrialCassTime Competitors
CassTime competitors include listed companies like Copart and RB Global, and private ones like OfBusiness, Zetwerk, Inxeption and Jusda.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $2.1B | - | $4B | 1.9x | ||
| Private | $102M | $20M | $3.1B | - | ||
| Private | $300M | - | $3B | 10.0x | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $4.6B | $1.9B | $27B | 4.9x | ||
| Publicly listed | $4.6B | $1.4B | $16B | 4.1x |
CassTime Public Comps
CassTime is still privately-owned, but its public comps include Recruit Holdings, Uber, Booking Holdings, Airbnb, Prosus, DoorDash, Carvana, Meituan, Rocket Companies and Expedia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $24B | $4B | 6.4x | 6.0x | 37.9x | 25.2x | |||
| $52B | $6.2B | 3.0x | 2.8x | 24.9x | 14.6x | |||
| $27B | $8.3B | 4.9x | 4.6x | 15.9x | 12.4x | |||
| $12B | $2.4B | 7.2x | 6.5x | 36.3x | 18.2x | |||
| $9.7B | $1.1B | 9.1x | 8.0x | 83.8x | 123.7x | |||
| $14B | $1.5B | 6.0x | 4.9x | 55.8x | 23.7x | |||
| $20B | ($110M) | 3.7x | 2.9x | (691.4x) | 27.7x | |||
| $54B | ($2.2B) | 0.9x | 0.8x | (21.4x) | 162.4x | |||
This data is available for Pro users. Sign up to see all CassTime competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CassTime
| When was CassTime founded? | CassTime was founded in 2015. |
| Where is CassTime headquartered? | CassTime is headquartered in Shenzhen, China. |
| Is CassTime publicly listed? | No, CassTime is a private, VC-backed company. |
| How much funding has CassTime raised? | CassTime has raised $288M across 7 funding rounds. |
| What was CassTime's last funding round? | CassTime's last funding round was a $27M Series D in September 2023. |
| Who are CassTime's investors? | CassTime's investors include Shunwei Capital, Greater Bay Area Homeland Development Fund, Mangrove Capital, Fosun RZ Capital, Huaye Tiancheng Capital, HSG, Source Code Capital, Vlight Capital, Fuqi Capital, Wuhu New Energy Vehicle Investment Fund and 4 others. |
| Which companies are comparable to CassTime? | Companies comparable to CassTime include OfBusiness, Zetwerk, Inxeption, Jusda, Copart and RB Global. |
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