A week after its CEO stood for trial, Beijing-based e-scooter startup Niu on Wednesday announced that they have landed USD 30 million in Series A+ financing from Beijing-based investor Fenghuang Xiangrui.
This puts Niu’s A round financing at USD 80 million, which is one of the highest financing records for an internet startup, as close as what Xiaomi and Didi Dache raised in their Series A financing.
Niu is a startup that aims to produce quality electric scooters for the Chinese market. It landed USD 50 million from investors including IDG, GGV Capital and Sequoia last July. Niu launched its first product, the N1 electric scooter, in June, selling over 50,000 to earn RMB 200 million.
Du Li of Fenghuang Xiangrui says the field of new transportation has a lot of potential, and Niu, with its large fanbase, is still one of the best startups of 2016.
The investment will be used to develop Niu’s new generation of smart transportation products.
Niu’s founder and CEO Li Yinan is currently facing charges for conducting illegal insider trading while he was at GSR Ventures in 2014. Li has denied these allegations. Niu made an official announcement last Wednesday that the company is operating as normal, and Li is still involved in the company’s decision making.
(with research from Ibo Fung)