China-based energy services platform developer Newlink Group has secured $100m from investors including Nio Capital, the investment firm sponsored by electric carmaker Nio, DealStreetAsia reported on Friday.
Financial services firm China Merchants Bank’s CMB International subsidiary led the round, which included venture capital firms Joy Capital and Hongtai Aplus, the latter participating through its Guodiao Hongtai Fund.
Newlink uses advanced technologies such as artificial intelligence, big data and the internet of things to provide connected energy services through products including a cloud software platform connecting motorists to service stations.
News of the funding emerged alongside a report by National Business Daily stating the company plans to raise between $300m and $500m in a US initial public offering later this year.
China Renaissance facilitated the round, as it had Newlink’s last funding, a $129m series D round in July 2020 led by China International Capital Corporation’s CICC Capital unit and backed by Nio Capital, consumer electronics producer Xiaomi, Korea Investment Partners and Yuyue Capital.
The series D round, which took the company’s total funding to $366m, came after Joy Capital led a $110m series C in late 2019 that also featured Nio Capital and Korea Investment Partners.
China Construction Bank is an earlier Newlink backer, as are China’s National Small Medium Enterprises Development Fund, Oriental Fortune Capital, Rizhao Caijin Investment Group, GSR United Capital, Zero2IPO, Pusu Capital Sino Pacific Capital, Blueflame Capital, Joincap Holding Group and Qingdao Global Wealth Center Development and Construction.
