China-based electric car developer Chehejia has raised RMB780m ($120m) from a consortium including water pump and gardening equipment manufacturer Leo Group, China Money Network reported today, referring to a securities filing.
Leo Group invested $54m in the round and will take an 11.75% stake in Chehejia. A total of seven other backers also contributed cash to the round, though their identities have not been revealed.
Founded in 2015, Chehejia is in the process of developing its own smart electric cars. The company is still conducting research and development and expects to launch its first vehicles in 2019.
Li Xiang, Chehejia’s founder, announced in November 2015 that his company was seeking a $200m funding round and still needed to secure $100m.