GoFun

About GoFun

GoFun, operating under Beijing Shouqi Zhixing Technology Co., Ltd., is a car-sharing platform in China that launched in 2015. It is a subsidiary of the state-owned Shouqi Group and was developed as a new energy vehicle sharing product to address fragmented urban mobility demands. The service allows users to locate, book, and unlock vehicles through a mobile application, offering rentals on a time and distance basis.

The company is backed by prominent entities including its parent Shouqi Group, Beijing Tourism Group, and has received strategic investments from Volkswagen Group and Harvest Global Investments. GoFun has raised a total of $46.4 million over three funding rounds, including a Series B round in October 2020. The business model focuses on providing a convenient and economical alternative to private car ownership, aiming to reduce traffic congestion and pollution. Revenue is generated by charging users based on minutes and kilometers driven. The platform utilizes a smart hardware system called TBOX for vehicle management, monitoring, and user access.

Initially launching in cities like Beijing, the company expanded its fleet and geographic footprint significantly. By 2019, GoFun's CEO, Tan Yi, announced that the company had achieved profitability in 25 of its 40 self-operated cities. However, by early 2021, reports indicated that the company was facing financial difficulties, withdrawing from several cities and experiencing a management shuffle, including the resignation of CEO Tan Yi.