Leapmotor, the China-based electric carmaker backed by video surveillance technology producer Dahua Technology, energy utility Shanghai Electric and rolling stock manufacturer CRRC, has raised RMB4.3bn ($665m), Tech in Asia reported today.
The funding was secured through a series B round featuring a fund run by the city of Hefei, in addition to SDIC Chuangyi Industrial Fund Management, Hangzhou Jiuzhi Investment Management and Shanghai Yonghua Capital Management.
Founded in 2015, Leapmotor has launched an all-electric compact car, city car and sports utility vehicle, and is looking to float on the Shanghai Stock Exchange Star Market in late 2021 or early 2022, co-founder and chief executive Wu Baojun has said.
Sequoia Capital China led a $56.7m pre-series A round for Leapmotor in 2017 and joined Shanghai Electric, CRRC Corporation, Industrial Securities and Gopher Asset in a $288m series A round the following year valuing the company at $1.15bn.
Investment firm Jinhua Zhongche Fund supplied $51.5m in series A2 funding for Leapmotor in return for a 5.1% stake, according to a stock exchange filing. Dahua Technology, a co-founder of the company, owned a 15.5% stake once that transaction closed.
Image courtesy of Leapmotor.
