Dishangtie, a China-based rental service for electric vehicles (EVs), has closed an eight-digit dollar series C1 round that included diversified trading group Itochu, China Money Network reported yesterday.
Asian Environment Fund, a vehicle managed by investment firm Olympus Capital, led the round, which included growth equity firm Jeneration Capital.
Founded in 2015, Dishangtie operates a rental service that allows customers to buy or lease EVs on a short or long-term basis for use in logistics and delivery operations, as well as giving them the option for timeshare.
The funding will go to research and development, the enhancement of the company’s operations management platform and the acquisition of extra assets. The company also intends to work on a vehicle management app and improve the user interface of its current platform.
Itochu and Jeneration Capital had previously contributed to a $100m series B round for Dishangtie that closed in June 2019. Financial services firm Far East Horizon, Bojiang Capital, Idinvest Partners, Qiming Venture Capital and Matrix Partners China also invested.
The series B came in the wake of a $47m round co-led by Qiming Venture Partners and Matrix Partners China in early 2018 that included China Power Investment and Zhongding Venture Capital, according to China Money Network.
