Chinese Auto News Portal Gets $8 Million Funding

ChinaCars, an automotive news, info and commerce portal in China, has received $8-million first round of venture investment from Granite Global Ventures. The startup, founded in 2001, said it expects to book 100 million Yuan ($12.4 million) in revenue for 2005. It employs 300.

granite was one of the backers of Alibaba, the company whch bought out Yahoo’s China operations earlier this year.

Comments have been disabled for this post