Energy Monster, a Chinese power bank sharing start-up, has completed a US$30 million series C round of financing in December 2018, shows information updated on Chinese business data provider Tianyancha on Tuesday.
New investors of this round include Chinese private equity fund New Horizon Capital and Gan Jiawei, former COO of Chinese group buying giant Meituan.com. Returning investors, including Hillhouse Capital, Chinese venture capital firm Shunwei Capital, and smartphone maker Xiaomi, also poured money into this round.
Founded in 2017, Energy Monster is a power bank rental company managed by Shanghai Zhixiang Technology Co Ltd. The company offers two kinds of power bank rental services, including table chargers that are installed in restaurants, bars, and convenience stores, and portable power banks that allow users to rent and take away with a few clicks on their phones.
The company has served nearly 100 million users across more than 800 cities in China as of the end of 2018, according to information on its official website.
Proceeds of this round will be used for brand promotion, new product development, and new business incubation.
The Shanghai-based company raised RMB200 million (US$29.82 million) in a series B round led by China Reform Holdings Co Ltd in November 2018, with participation from Shunwei Capital, Bluerun Ventures, Sky9 Capital, Hillhouse Capital and Crystal Stream Capital.
It also secured over RMB100 million (US$14.91 million) in a series A round from Hillhouse Capital, Crystal Stream Capital, GF Xinde Investment Management and other investors in July 2017. In April 2017, it collected tens of millions of yuan in an angel round from Shunwei Capital, Hillhouse Capital and Xiaomi.