WM Motor, a China-based electric carmaker backed by corporates Baidu, China Minmetals and Tencent, raised RMB10bn ($1.47bn) in a series D round today co-led by automotive manufacturer SAIC Motor, according to TechCrunch.
An unnamed state-owned investment company co-led the round. A report from The Paper last week said Shanghai Automotive Industry, the parent company of automotive manufacturer SAIC Motor, had invested $73.1m.
WM Motor sells smart electric vehicles with features such as autonomous driving and connected electronics systems. It also markets a mobile app called GetnGo to pay for vehicle charging.
The series D financing will go towards research and development, marketing, sales and branding activities.
WM Motor had attracted $1.8bn in funding altogether as of a $1bn round in 2016 featuring undisclosed investors.
Internet group Tencent and metals trader China Minmetals’ Wukuang Capital subsidiary contributed to a round of undisclosed size in 2017, when Sequoia Capital China and China Structural Reform Fund also invested.
Internet group Baidu led a $446m series C round in March 2019, investing alongside Taihang Industrial Fund and Linear Venture.
WM Motor’s early backers include Baidu subsidiary Baidu Capital, quantitative trading firm Susquehanna International Group, Amiba, Chengwei Capital, Envision and Seven Seas Partners.
– Image courtesy of WM Motor
