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China’s EV startup space has heated up with its own investment network

EV startup space that are getting more competitive by the day in China. Not just the venture capitalists but also the industry veterans are joining in the fray now.

China's EV Startup Space Has Heated Up With Its Own Investment Network

In China, well-recognized venture capital firms are participating in the ongoing investment game. This is seen due to the after-effects of the EV startup space that are getting more competitive by the day in China. Not just the venture capitalists but also the industry veterans are joining in the fray now. Two mobility-centered funds, which have recently closed their new rounds, gained the support of the nation’s chief electric car-making firms.

Rockets Capital, a new venture, announced this month its closing of the $200M maiden fund, along with Xpeng, EV maker, as the anchor patron. IDG Capital, GGV Capital, eGarden, 5Y Capital, and Sequoia China are the other institutional investors. The fund searches for prospects in the industry of auto and its value chain, ‘frontier technology’ areas, and clean energy. 

The other foremost close for this week was Nio Capital’s $400M sophomore USD fund, which was oversubscribed—that is, the Eve ONE Fund II. The range of investors includes sovereign wealth funds, multilateral financial institutions, insurance companies, family offices, funds of funds, pension funds to organizations from all around the world. 

Nio Capital was founded in 2016. It has a leading hand in the investment area. Some of the deals that it made which are quite significant are two top robotaxi companies. They are—Toyota-backed Pony.ai and Bosch-supported Momenta and Temasek-aided Innovusion—which is one of Nio’s providers, Black Sesame and Aulton, the auto chipmaker and BP-aided battery swapping, respectively.

Now, it’s time to witness how Rockets Capital and Xpeng catch up and see the alliance that it may forge so as to reform the market. 

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