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TOGO closes $ 26 million B+ financing round

Shiny From Gasgoo| January 02,2018


China auto market news, TOGO B+financing, TOGO car sharing NEV

Shanghai (Gasgoo)- Beijing TOGO Science and Technology company (TOGO), one of China's leading sharing-riding service providers, announced on Jan. 2 that it had finished $26 million B+ financing round, which is led by Crescent HydePark (CHP), and followed by SIG Asia Investment and ZhenFund. At the same time, TOGO also declared that it will invest more heavily in NEV's operation to build up a new industrial ecology for sharing vehicles.

After the financing, TOGO stated that it will focus on providing premium sharing-riding experience for urban citizens in the following aspects. Firstly, it will continue to fasten its pace in market expansion, enlarge its business scale in first-tier cities and expand its market share in second and third-tier tourist cities. Secondly, TOGO will continue to optimize and increase sharing-riding fleet and provide more brands, more personalized vehicles for the platform. At the meantime, TOGO will explore and optimize convenient experience for customers and improve refinement operation. Thirdly, it will invest more heavily in the operation and scale supply of NEVs.

From September, 2016 till now, TOGO had finished four rounds of financing. After TOGO received B round of financing from SIG with a total investment of $22 million in October, 2017, it had finished two rounds of financing during 90 days, totaling $48 million.

According to Cai Jiong, Vice President of TOGO, in the future, the majority of the vehicles on TOGO platform will be NEVs, although currently its major vehicles are fuel-powered ones. TOGO has also reportedly ordered a batch of the Tesla Model 3, which are expected to run in different cities over the next few months. Apart from this, TOGO had contacted with several car manufacturers, aiming to produce a number of small and fashionable NEV models to meet customers' needs and demands.

TOGO, a riding-sharing operator, currently is available in Beijing, Shanghai, Guangzhou, Shenzhen, Xi'an and Chengdu. Meanwhile, TOGO will enter into some optional capital cities, and reasonably put the vehicles into usage in the future.

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