Leapmotor to raise RMB360 million from Series A-2 fundraising

Shanghai (Gasgoo)- Chinese EV startup Leapmotor is about to raise RMB360 million worth of capital from the Series A-2 round financing which is solely invested by Jinhua Zhongche Smart Internet of Things New Energy Industrial Investment Fund (Jinhua Zhongche Fund), Dahua Technology, one of major shareholders of Leapmotor, announced on July 29.

The new funding round will make registered capital of the Hangzhou-based startup increased to RMB580,713,558 from RMB551,355,760, according to the announcement. The other RMB330,642,202 will be injected to Leapmotor's capital reserves.

Dahua Technology said its stake in the EV maker subsidiary would fell from 16.32% to 15.5%, while the new investor would took 5.06% of the startup's equity interest after the financing round.

Found in March 2019, Jinhua Zhongche Fund focuses on the investments in new energy industry and Internet of Things (IoT) industries, according to TianYanCha, a Chinese company information search platform.

LeapMotor has so far completed three rounds of fundraising. The value of the angel round still remained unexposed, while the Pre-A round and the A round raised roughly RMB400 million and RMB2.5 billion respectively for the EV maker—both latter two rounds involved Sequoia Capital China.

The EV manufacture officially kicked off on June 28 the batch delivery of the Leapmotor S01, its first mass-produced BEV model. During the first half of 2019, consumers purchased the mandatory liability insurance for traffic accidents of motor vehicles (MLI) for a total of 27 S01s, according to data released by the China Insurance Regulatory Commission (CIRC). (Photo source: Leapmotor)