China-based electric bike-charging station developer Xiaolvren has received RMB100m ($14.9m) in series B funding from diversified conglomerate Fosun.
Founded in 2015 and also known as Beijing Green Star Xiaolvren Technology, Xiaolvren develops and operates electric bike charging stations in 109 cities across China. Users can find and pay for the stations through the company’s mobile app.
Xiaolvren will use the Fosun investment, which was made by the corporate’s Fosun Infrastructure Industry Development Group subsidiary, to expand its network to more Chinese cities while also working on technology and product development.
The company raised approximately $12m in a 2017 series A-plus round led by Zhejiang Zheda Youchuang Investment, adding to an eight-figure renminbi amount it secured in a 2016 series A round led by Grand River Capital Management.
Image courtesy of Xiaolvren.