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China Merchants Capital invests $308 million in Chinese tech firm NewLink
NewLink Group, a leading technology company that offers innovative solutions to promote digitalization in the energy ecosystem, has closed 2 billion yuan ($308 million) in a Series E round of financing led by China Merchants Capital. Existing investor CICC Capital also re-upped in the deal.
It's the third big-ticket round of funding that the firm has completed in 2021, which brings its total fundraising size this year to more than 4 billion yuan ($616.1 million). It has secured $200 million in a strategic investment led by Bain Capital in March. Prior to that, CMB International led a funding round of $100million into NewLink in January.
Up to now, it has attracted a diverse group of investors, which includes China SME Development Fund, Joy Capital, NIO Capital, Xiaomi Corp, China Merchants Capital, CMBI, CICC Capital, KIP China and Hongtai Aplus.
Founded in 2016, the firm aims to help clients in the gas and EV industry increase efficiency. Currently, it operates a wide range of technology platforms to deliver digital solutions, including supply chain solutions, targeted online marketing tools, and cloud-based Software-as-a-Service (SaaS) systems.