China-based charging services provider Newlink has secured up to RMB900m ($129m) in series D funding from investors including consumer electronics manufacturer Xiaomi and electric carmaker Nio, DealStreetAsia reported yesterday.
Investment banking firm China International Capital Corporation led the round through private equity unit CICC Capital. It also featured Korea Investment Partners and Yuyue Capital while Nio participated through corporate venturing subsidiary Nio Capital.
Newlink operates several energy-focused services including Tuanyou, an app that connects users to a network of 20,000 petrol stations, and Chezhubang, which directs users to the nearest electric vehicle charging point and facilitates cardless payment.
The funding will support the launch of a new platform called Newlink Cloud which will connect business users to a cloud-based service incorporating online payment processing, supply chain, inventory and finance management tools.
The round boosted the company’s overall funding to approximately $366m. Joy Capital led its last round, a $110m series C in November 2019 that included Nio Capital as well as Korea Investment Partners’ Chinese office and, according to DealStreetAsia, Yuyue Capital.
Newlink’s earlier investors include China’s National Small Medium Enterprises Development Fund, financial services firm China Construction Bank, Oriental Fortune Capital, Rizhao Caijin Investment Group, GSR United Capital, Zero2IPO, Pusu Capital Sino Pacific Capital, Blueflame Capital, Joincap Holding Group and Qingdao Global Wealth Center Development and Construction.
Image courtesy of Newlink Group.
