China-based automotive manufacturer Zhejiang Geely Holding Group disclosed on Friday its electric vehicle (EV) subsidiary, Zeekr, has received $500m in pre-series A funding from investors including corporates Bilibili, CATL and Intel.
Boyu Capital and Cathay Fortune Corporation filled out the round’s participants, all five of which will hold 5.6% of Zeekr. The company’s valuation stands at $9bn post-money.
Video streaming platform developer Bilibili, its senior management team and an affiliated financial investor jointly took part through a special purchase vehicle, while chipmaker Intel did so through its Intel Capital subsidiary. Battery provider CATL (Contemporary Amperex Technology) invested directly.
Formed by Zhejiang Geely Holding Group and its Geely Automobile unit in March this year, Zeekr is developing premium EVs with proprietary systems including battery management and electric motor technologies. It intends to release its lead model, Zeekr 001, later this year.
The investors will help the company in areas including smart connectivity, batteries, raw materials and youth marketing. Zhejiang Geely Holding Group held a 49% stake in Zeekr prior to the round while Geely Automobile owned the remaining 51%.
Geely’s ride hailing subsidiary, Caocao Chuxing, has meanwhile raised billions of yuan (RMB1bn = $155m) from undisclosed investors, a person privy to the matter told 36Kr yesterday.
The company had previously secured approximately $515m from Silicon Paradise Asset Management, Zheshang Venture Capital, and Longqi Capital in January 2018 and an undisclosed sum from Zheshang Venture Capital four months later, according to 36Kr.
