Nio announces USD 2.2 billion strategic equity investment from CYVN
The Chinese electric vehicle manufacturer has announced a new share subscription agreement with Abu Dhabi-based CYVN Holdings.
Under this agreement, CYVN will invest USD 2.2 billion in cash to subscribe for 294 million newly issued Class A ordinary shares of Nio at a price of USD 7.5 per share. This deal follows an equity investment from CYVN completed in July of this year, whereby Nio (stylized as “NIO”) received USD 738.5 million. Additionally, CYVN acquired Class A ordinary shares from a Tencent affiliate for an aggregate consideration of USD 350 million.
In total, following the completion of this latest deal, CYVN will own approximately 20.1% of Nio’s total issued and outstanding shares.
“With the enhanced balance sheet, Nio is well prepared to sharpen brand positioning, bolster sales and service capabilities, and make long-term investments in core technologies to navigate the intensifying competitive landscape, while continually improving execution efficiency and system capabilities,” said William Li, founder, chairman, and CEO of Nio.
“Our increased investment in Nio represents a continuation of our ongoing strategy to build a leading global portfolio in the mobility space. … This transaction demonstrates our confidence in Nio’s unique positioning and competitiveness in the global smart EV industry,” said Jassem Al Zaabi, managing director and chairman of CYVN.
Riiid announces acquisition of Qualson
Founded in 2012, Qualson has operated various brands focused on language learning and is renowned for collaborating with public personalities in South Korea to deliver high-quality educational content. Through this acquisition, Riiid aims to enhance Qualson’s offerings by integrating its AI-based solutions, leveraging Qualson’s user and content base, and tapping into its expertise to expedite the development of future English language learning products.
Sooyoung Park, CEO of Qualson, will assume a new and broader role within the combined business. The acquisition is expected to close in Q1 2024 and is subject to customary closing conditions.
National Renewable Network raises AUD 3.5 million
National Renewable Network (NRN), an Australian energy sustainability startup, has raised AUD 3.5 million (USD 2.37 million) in equity funding from high-net-worth individuals and angel investors, including the owners of Envato and Strata Vision Fund.
In addition, NRN has entered into an agreement with Catalytic Impact Capital for an AUD 10 million (USD 6.77 million) facility, aiming to secure additional financial support for its plan to install over 600 solar battery systems across Australia in the coming months. NRN did not disclose its valuation for either deal. —Australian Financial Review
AgPay secures AUD 2.6 million in Series A round
The agriculture-focused fintech startup has secured AUD 2.6 million (USD 1.76 million) in a Series A funding round after doubling its credit facility from Suncorp to AUD 30 million (USD 20.3 million).
The round was led by IAG’s Firemark Ventures and saw participation from investors acquainted with the founders, advisory board member Will Lempriere, and Lachlan Walmsley (MoneyPlace).
AgPay (stylized as “agPAY”) is eyeing its expansion into New Zealand following the completion of this round.
“[Firemark Ventures has] a great track record of supporting innovative finance businesses and we are keen to collaborate on new products and distribution to help rural Australians,” said Ben Edney, managing director of AgPay. —Australian Financial Review
GreyOrange raises USD 135 million in Series D round
The warehouse robotics company has raised USD 135 million in a Series D funding round led by Anthelion Capital (formerly known as Cowen Sustainable Investments). The round also saw participation from Mithril Capital Management, 3State Ventures, and Blume Ventures.
GreyOrange, headquartered in Atlanta, has offices in Europe, the Middle East, Africa, Asia Pacific, and a significant presence in India. —VCCircle
Sehat Kahani completes USD 2.7 million Series A round
The Pakistani health tech startup has completed a Series A funding round, raising USD 2.7 million from Amaanah Circle. The round also saw participation from Epic Angels, Cross Fund, USAID Investment Promotion Activity (IPA), Augmentor, Impact Investment Exchange (IIX), and the Elahi Group of Companies. —Business Recorder
Keppel Infrastructure Trust to acquire a 45% stake in Enpal’s solar portfolio
Keppel Infrastructure Trust (KIT) has committed up to EUR 109 million (USD 119.8 million) to acquire a 45% stake in the solar portfolio of Enpal, a German renewable energy company.
This transaction will be executed through a special purpose vehicle (SPV). Equitix Investment Management, along with co-investors in the SPV, will also acquire a 45% stake in Enpal’s solar portfolio, while Enpal retains the remaining 10%.
The portfolio comprises over 60,000 photovoltaic systems in Germany, with a combined generation capacity of 585 megawatts. The acquisition will be conducted in four phases.
ChipMOS approves sale of equity interests in Unimos Microelectronics
Under the proposed agreement, ChipMOS BVI, a wholly owned subsidiary of ChipMOS, will sell its entire 45.02% stake in Unimos via an all-cash sale to Suzhou Oriza Puhua Zhixin Equity Investment Partnership and ten other Chinese investment management companies.
The transaction is valued at around RMB 979.3 million (USD 137.1 million) and will be paid in two installments, with the second installment to be paid six months after the first installment.
Recent deals completed in China:
- Xiaocaiyuan, a Chinese restaurant brand, has concluded a new round of financing, securing funds from Harvest Capital. This comes after Xiaocaiyuan’s initial funding round, which was finalized in March earlier this year and also involved an investment from Harvest Capital. —36Kr
- Hikstor Technology, a Hangzhou-based technology company specializing in semiconductor chips and applications, has raised an undisclosed amount of Series B funding jointly invested by the China Structural Reform Fund, Empowtech Capital (CETC), the China Reform Fund, and Zhejiang Provincial Financial Holdings, among other institutional investors. —36Kr
- Top-Leading Intelligent Technology, a provider of advanced semiconductor packaging solutions, has secured RMB 10 million (USD 1.39 million) in a Series B funding round from SCGC, Fosun RZ Capital, CRRC Zhuzhou Electric, Juxiang Fujin, and existing investor Panyu Industrial Investment. Top-Leading will use the funds to expand its production capacity, supplement working capital, invest in talent development, and conduct R&D. —36Kr
- Jianfufu, a Chengdu-based scientific research service platform, has raised RMB 8 million (USD 1.1 million) in a pre-Series A funding round. The funds will be used primarily for brand development. —36Kr
- Enerflow, an energy storage technology company, has completed its Series A+ funding round, building upon the Series A financing it secured in May this year. The latest round, led by Hillhouse with support from the China Reform Securities Fund, has elevated the total financing raised by Enerflow to a nine-figure RMB sum. The funds will be allocated toward technology R&D, product iteration, and the expansion of its supply chain and ecosystem. —36Kr
- Kusa Tech, a Suzhou-headquartered technology firm focused on the development of autonomous robotics and cloud operating systems, has banked an eight-figure RMB sum following the conclusion of its angel and seed funding rounds, invested by SeedVC and Vortex respectively. Kusa will utilize the funds for technology R&D and market expansion. —36Kr
- Novamab, a Shanghai-based biopharmaceutical company, has bagged over RMB 100 million (USD 13.9 million) in a Series B funding round from Shengdi Investment and a fund managed by Chengdu Tianfu International Bio-town Development Group. The latter is an existing investor. Novamab will utilize the funds to conduct clinical research, expand its team, and supplement the company’s working capital. —36Kr
Latest deals in India:
- Bengaluru-based e-commerce company Flipkart has received a commitment from its parent company Walmart, which plans to inject USD 600 million as part of a broader funding round. This round reportedly aims to raise up to a maximum of USD 1 billion, potentially involving new investors. The valuation of Flipkart is anticipated to be around 5–10% higher than its latest valuation of approximately USD 33 billion. —The Economic Times
- Kitchens-at (stylized as ”Kitchens@”), a cloud kitchen company, has bagged USD 65 million in funding from Finnest. The capital will be dedicated to expanding Dinerium, a dining service that offers a diverse selection of ‘premier brands’ while integrating both offline and online elements.
- Enrico Eyewear, an eyewear brand, has raised INR 21 million (USD 252,000) in a pre-seed funding round led by 100X.VC with the support of various angel investors. Enrico will utilize the funds to expand its market reach and raise awareness about the significance of high-quality eyewear and eye health.
- BluSmart, an all-electric ride-hailing company, has raised around USD 24 million in funding from existing investors, including BP Ventures, along with contributions from its founders and leadership team. Following the completion of this round, the company aims to expand its charging hubs and increase its fleet size, with plans to scale its fleet in Delhi and Bengaluru to around 8,000 EVs by next year.
- Ugees, a Noida-headquartered undergarment care brand, has raised an undisclosed amount in a pre-seed funding round from EvolveX. The company will use the funds to acquire customers and introduce new SKUs. —VCCircle
Neutura, Home Credit Indonesia, VMS Group, and more led yesterday’s headlines:
- Neutura, a Jakarta-headquartered carbon removal company, secured angel funding for two new biochar projects focused on combating climate change by converting agricultural waste into valuable resources. The amount and investors were not disclosed.
- Home Credit Indonesia, a consumer finance company, raised USD 100 million from the local unit of Mitsubishi UFJ Financial Group (MUFG).
- VMS Group, a Hong Kong-based multifamily office, started 3Cap AGI Fund with Esther Wong, who spent over five years running strategic investments as a managing director at Chinese AI giant SenseTime.
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