Joy Capital Leads $110M Series C Round In Chinese Digital Energy Service Provider

Chinese digital energy service provider Newlinks Technology Group has raised US$110 million in a series C round of financing led by Joy Capital, with participation from NIO Capital and Korea Investment Partners (KIP) China.

The latest round just follows a RMB450 million (US$64 million) series B+ round of financing from investors including China national SME development fund and CCB Qingdao branch in this August.

Founded in 2016, Newlinks Technology provide energy services for petrol-electric hybrid vehicles. The company’s business include an opening energy Internet of Things (eIoT) platform “Chezhubang”, a driver refueling platform “Autocade Refueling” and a driver charging platform "One-click Charging".

The company has served more than 300 million drivers through over 10,000 gas stations and 270,000 charging piles in 100 cities across China as of August 2019, according to data on its official website. Its customers include logistics companies like SF Express and STO Express, distribution platforms such as Huolala, and ride-sharing firms including Car Inc. and Didi Chuxing.

“Newlinks Technology accurately selected the business direction and became the country’s largest new energy management platform, providing safe and efficient energy supply services for more than 30 million vehicle owners,” said Liu Erhai, founding and managing partner of Joy Capital.

(This article is translated from 36Kr. You can see the original article in Chinese here.)