Chinese portable battery-sharing startup Energy Monster has raised 500 million yuan in a series C funding round led by Softbank Ventures Asia, China News Service reported Tuesday.
Other investors include Hillhouse Capital, Shunwei Capital, and BOC International, among others, the report said.
The Shanghai-based firm, which provides table-mounted and take-away chargers at public places including bars, restaurants and convenience stores, will use the newly-raised capital to expand its existing business and explore new opportunities.
Energy Monster has taken five rounds of investment since its establishment in 2017, with the last round taking place in April, when the startup raised $30 million from a group of investors including Hillhouse Capital, Shunwei Capital and Xiaomi.
China had over 300 million power bank rental users in 2019, and research firm Qianzhan estimates the market will expand to be worth 330 million yuan in 2020.
In the first half of 2019, Energy Monster was China’s third-largest charger-sharing service provider after Jiedian and Xiaodian, holding 20.9% market share. Jiedian controlled 40.5% of the domestic market during the period with 107 million users, while Xiaodian held 23.6%, according to research firm iiMedia Research.
Contact reporter Ding Yi ([email protected])