China-based portable charger rental service Xiaodian has raised RMB350m ($50m) in series B funding from investors including internet company Tencent, according to China Money Network.
Fosun Kinzon Capital, an investment arm of diversified conglomerate Fosun, also contributed capital, as did Sequoia Capital China and Banyan Capital which co-led the round, CDH Investments, Vision Plus Capital and Zhongwei Capital.
Incorporated in 2016, Xiaodian has installed portable power banks in stores and offices across a number of Chinese cities.
Users are able to rent the charging devices by scanning a QR code on the device through messaging app WeChat, paying a fee through WeChat Pay or online payment platform Alipay.
Xiaodian raised $14m last month in a series A round that was co-led by Tencent and Vision Plus Capital with backing from CDH Investments, GSR Ventures, DT Capital Partners and In Capital.
GSR, DT Capital, In Capital, CMB International and angel investor Wang Gang had previously supplied an eight-figure renminbi amount for the startup in March this year.