Nio Capital, the investment arm of electric car producer Nio, has participated in a $110m series C round for China-based energy services provider Newlinks Technology Group, 36Kr reported yesterday.
Venture capital firm Joy Capital led the round, which also featured the Chinese office of VC and private equity firm Korea Investment Partners.
Newlinks offers electric charging services for hybrid electric vehicles, recommending nearby stations and enabling drivers to pay for charging through a mobile app called Chezhubang.
The company also offers access to additional automotive services, such as vehicle maintenance, tire changes and car insurance.
China’s National Small Medium Enterprises Development Fund joined Oriental Fortune Capital, Rizhao Caijin Investment Group and a branch of financial services firm China Construction Bank to provide $62.9m in series B-plus funding for Newlinks in August this year.
Newlinks had closed a $40.8m series B round four months earlier. GSR United Capital and Zero2IPO Asset Management co-led that round, which included Sino Pacific Capital, Qingdao Global Wealth Center Development and Construction and Pusu Capital.
Pusu Capital had already co-led the company’s $16.3m series A-plus round with Blueflame Capital in April 2018, which came three months after investors including Joincap Holding Group had supplied it with $7.4m in series A funding, according to China Money Network.
