BAIC’s electric-vehicle company BJEV receives USD 1.6 B for Series B
Founder: Zheng Gang
Founded in: 2014
Financing status: RMB 11 billion (USD 1.6 billion) for Series B financing in 2017
BAIC’s electric-vehicle company BJEV, on July 22, received USD 1.6 B for their Series B financing for market expansions.
Last year, the Chinese government made supporting investments in electric vehicles a strategic initiative, with the goal of taking the lead in automotive technology, as well as to curb pollution and cut dependence on imported oil. Through this initiative it provided funding and other resources for many startups. Many venture capital firms have also become involved in the electric-vehicle space by investing in startups for market share. For example, BAIC’s electric-vehicle company, BJEV, recently secured a USD 1.6 B Series B, which is so far the largest single financing round in the electric-car industry in China.
BJEV focuses on research and development of electric-vehicle-related technologies, and integrates key resources for the development of its electric vehicles. Currently, its revenue stream depends on sales of and after-services for the electric vehicles and the parts it manufactures.
Founded in 2014 in Beijing, it now has six product types available, including EC, EU, ES, EV, EX, EH. More than 20,000 of its electric vehicles have been sold in 2016.
This new financing round was led by BAIC, with some existing investors participating. The capital will be used to invest on the development of new electric vehicles, as well as work with its partners to boost its sales efficiency.
Pet e-commerce platform Epet receives USD 50 M for Series B
Founder: Xiao Yu
Founded in: 2009
Financing status: RMB 338 million (USD 50 million) for Series B financing in 2017
Pet e-commerce platform Epet, on July 22, received USD 50 M for its Series B financing round for global expansions.
Epet is a B2C (Business to Customer) pet e-commerce platform that provides customers with abundant pet supplies on its online platform. It has also built an online social community for customers to share their experiences in raising pets.
Founded in 2009 in Chongqing, it has more than three million registered-users, and over a 100,000 of them are active daily. Currently it has over 800 stock keeping units (SKU) available on its platform, with half of them sourced from its overseas partners.
In addition, to provide its customers with better services and experience, Epet has established logistics teams in eleven cities in China, including Chongqing, Chengdu and Hangzhou. It has also built three warehouses in Chongqing, Pinghu and Hong Kong. This enables the company to fulfill and deliver orders within 24 hours in these cities.
With this Series B financing round led by IDG Capital, Epet plans to use the funds to expand its business overseas and acquire more domestic and overseas partners to enrich its SKUs. Moreover, it will spend more money on building logistic teams in new cities to enhance its services.
(Top photo from 58pic.com)