Japan-based electric mobility vehicle developer Whill has closed a $45m round that included Mitsui Sumitomo Insurance Venture Capital and DG Incubation, subsidiaries of insurance firm Mitsui Sumitomo Insurance and internet company Digital Garage.
SBI Investment and Mizuho Capital, the venture capital vehicles for financial services providers SBI and Mizuho Bank, also took part in the round, along with Daiwa PI Partners and Daiwa Corporate Investment, affiliates of brokerage Daiwa Securities Group.
The round was filled out by Eight Road Ventures, a VC branch of financial services group Fidelity, as well as alternative asset manager Whiz Partners, VC firm Nippon Venture Capital, the state-backed Innovation Network Corporation of Japan (INCJ) and co-investment vehicle Endeavor Catalyst.
Founded in 2012, Whill has created a smart, electrically-powered mobility vehicle called the Model Ci. The vehicle is available in the US, UK, Canada and Italy, and the latest funding will support an expansion across Europe.
Satoshi Sugie, co-founder and CEO of Whill, said: “Through innovative technology and design, we are giving people greater independence and opportunities to fully participate in society and the activities they love, and this pushes us to do even more and better.”
Whill said the round increased its overall funding to $80m. It follows a $17.5m series B round in 2016 that was led by Eight Roads and backed by Golden Asia Fund II and Mirai Creation Investment, the fund formed by carmaker Toyota and financial services firm Sparx Group.
NTT Docomo Ventures, the corporate VC arm of mobile network operator NTT Docomo, had joined metal stamping services provider Jochu Technology, INCJ, 500 Startups and angel investor Scott McNealy to supply $11m in series A funding for Whill in 2014.
The company had secured $1.8m in a 2013 seed round featuring trading group Itochu’s corporate venturing unit, Itochu Technology Ventures, financial services firm Mitsubishi UFJ, 500 Startups, Vegas Tech Fund, Sunbridge Global Ventures, Wingle and various angel investors.
– Image courtesy of Whill, Inc.