(Yicai Global) Oct. 26 -- TOGO, a car sharing brand affiliated with Beijing TOGO Technology Co., said it raised USD22 million in its series B financing round. It will use the funds to grow its business.

SIG Asia Investment LLLP led the round. Zhen Fund, who led the last round, also participated. This round of financing will help TOGO continue to broaden its presence in first-tier cities, accelerate service expansion in second- and third-tier cities that tourists frequent, roll out more models and deploy tens of thousands of free shared cars, 36Kr quoted TOGO Chief Executive Wang Lifeng as saying today.

TOGO bills by the minute and offers self-service rentals and free drop-offs. Users can locate and reserve the TOGO vehicle closest to them for immediate use or 15 minutes in advance with location based services. Users do not need to start and end their rentals in the same spot and can park TOGO automobiles in any legal parking space. They control the door locks and pay via a mobile phone app.

The car-sharing company said that it can make money by scaling up operations, but for now its focus is cornering market share in cities and improving user experience, rather than pursuing profits.

TOGO has developed its presence in Beijing, Guangzhou, Shenzhen, Shanghai and Chengdu offering Minis, Jeeps and other models. Before using TOGO cars, drivers must put down a USD226 (CNY1,500) deposit that the platform will refund after 20 days to those that it confirms did not violate rules.