China-based electric-vehicle (EV) leasing service Dishangtie has completed a $100m series B round featuring diversified trading group Itochu, it disclosed yesterday in a statement on its WeChat account.
The round was closed earlier this year when the company secured $70m in a series B3 round that included financial services firm Far East Horizon, technology investment firm Jeneration Capital and investment firm Idinvest Partners.
Itochu had joined investment bank Bojiang’s Bojiang Capital unit, venture capital firm Qiming Venture Capital and Matrix Partners China, an affiliate of US-based private equity firm Matrix Partners, to provide a reported $43.2m for the round’s first tranche in October 2018, though it is unclear how that pertains to the series B3 details.
Dishangtie leases EVs such as light passenger vehicles, vans and refrigerated trucks to businesses for use in logistics, mainly under long-term contracts, and also offers additional services such as operational support and EV charging and maintenance.
The company claims to have some 1,500 corporate customers and a presence in 50 Chinese cities including Beijing, Shanghai, Shenzhen and Guangzhou. It plans to channel the series B funds into its digital resources and improving its operational efficiency.
Matrix Partners China and Qiming Venture Capital had initially co-led a $47m round for Dishangtie in March 2018, while Itochu contributed its share of the series B funding in August in conjunction with a strategic collaboration agreement.
Image courtesy of Dishangtie.
