Cao Cao Mobility, the ride-hailing unit of Chinese automaker Geely Automobile Holdings, has announced a $589 million (RMB 3.8 billion) Series B raise that the company says will help it upgrade its technology and expand its fleet, according to a statement released by the company (in Chinese).
The raise, which Cao Cao announced on Monday, brings the company’s total funding to around $773.2 million (RMB 5 billion). Suzhou Xiangcheng Financial Holding Group, an investment company backed by the Xiangcheng district government of Suzhou, led the round along with Suzhou High-Speed Rail New City Group and three other state-controlled enterprises.
This raise comes amid troubles for Cao Cao’s biggest competitor,