Newlink, the China-based electric vehicle (EV) charging services provider, has secured an additional $308m in series E funding to bring the round’s total to $608m, according to DealStreetAsia.
Private equity investor China Merchants Capital led the latest tranche, which also attracted investment bank China International Capital Corporation’s private equity subsidiary CICC Capital.
The extension follows a $100m tranche in February 2021 backed by Nio Capital, the investment firm sponsored by electric carmaker Nio. That transaction was led by financial services firm China Merchants Bank’s CMB International subsidiary and also included Joy Capital and Hongtai Aplus.
Private equity firm Bain Capital subsequently led a $200m second tranche in March, when Joy Capital returned.
Through the use of 5G, artificial intelligence and internet of things technology, Newlink lets EV owners find refuelling stations, top up and get invoiced through a mobile interface.
The company, founded in 2016, also has charging products for vehicle fleets as well as separate cloud-based tools targeted at the petroleum supply chain.
The company has now raised approximately $974m in funding altogether.
Newlink previously obtained $129m in series D capital from investors including consumer electronics manufacturer Xiaomi and Nio Capital in June 2020. The round was led by CICC Capital and also featured Korea Investment Partners and Joy Capital.
Early investors include China Construction Bank, GSR United Capital, Oriental Fortune Capital, Blueflame Capital, China National Small Medium Enterprises Development Fund, Pusu Capital Sino Pacific Capital, Rizhao Caijin Investment Group, Qingdao Global Wealth Centre Development, Zero2IPO and Joincap Holding Group.
