China-based electric vehicle (EV) manufacturer WM Motor secured $152m in a series D2 round led by property developer Agile Group yesterday, disclosing $305m in series D1 funding at the same time.
The company closed its series D1 round last month, and it was co-led by music and video streaming platform operator PCCW and property, logistics and investment group Shun Tak. They were joined by investors including Guangfa Xinde Investment Management’s dollar-denominated fund.
Founded in 2015, WM Motor produces autonomous driving and smart connectivity-equipped EVs, having already sold about 80,000 units. It runs two fully-owned automated factories that work alongside its research and development team to deliver safe and personalised models.
Automotive manufacturer SAIC Motor and an unnamed state-backed vehicle co-led a $1.47bn series D round for the company in September 2020, SAIC Motor’s parent firm Shanghai Automotive Industry reportedly providing $73.1m for the deal.
Internet group Baidu had led a $446m series C round for WM Motor in early 2019 that included Taihang Industrial Fund and Linear Venture.
Internet and gaming group Tencent joined metals and mining company China Minmetals’ Wukuang Capital unit to provide an undisclosed amount for the company in 2017 together with Sequoia Capital China and China Structural Reform Fund.
WM Motor had previously received a total of $1.8bn, having closed $1bn in 2016 from undisclosed investors. Its earlier backers include Baidu unit Baidu Capital, quantitative trading firm Susquehanna International Group, Amiba, Chengwei Capital, Envision and Seven Seas Partners.
Photo courtesy of WM Motor.
