China VC Weekly: Batteries, Luxury and Healthcare

SVolt energy
(Source: SVolt Energy Technology)

In this week’s edition of VC news, EV battery maker SVolt Energy Technology bags a hefty Series A round, luxury brand group Ushopal raises another $100 million to fund expansion plans, and healthcare investor OrbiMed closes a new Asia fund.

EV battery maker SVolt Energy Technology bags over $500 million in Series A round

Electric vehicle battery maker SVolt Energy Technology announced that it has raised a new round of financing worth 3.5 billion yuan ($541.57 million). The Series A financing round was jointly led by Bank of China Group Investment and the State Development & Investment Corp. The company originated as a spin-off from Great Wall Motors’ research and development department in 2018.

According to Yang Hongxin, chairman and president of SVolt, the company will soon commence its Series B round and lay the groundwork for an initial public offering in 2022. The company expects 100% year-on-year revenue growth this year, with a significant increase in international sales.

About SVolt Energy Technology

Headquartered in Wuxi, Jiangsu, SVolt Energy Technology is a high-tech new energy company, specializing in technologies such as electric vehicle battery (EVB) materials, cells, modules, PACK, BMS, energy storage systems (ESS) and solar energy R&D and manufacturing.

SEE ALSO: Tesla Announces New Battery Solution at Battery Day, 16% Increase in Range

Luxury brand management group Ushopal raises $100 million to fund expansion plans

Chinese luxury beauty group Ushopal that works with international brands including Natura Bisse, Juliette Has a Gun and Chantecaille, has announced the completion of its latest round of financing, in which the firm amassed $100 million.

The round was reportedly led by FountainVest Partners. The injection has so far increased Ushopal’s total investment pool to $200 million, which the company says will be used to ramp up growth for its brands across China and the Asia Pacific market.

“With this round of financing, the already cash-flexible USHOPAL will be even more equipped to invest in its portfolio, and Bonnie & Clyde experience centers. The USHOPAL leadership team has many years of brand-building and omnichannel-building experience, making it uniquely positioned to fuse storytelling and know-how to build up superbly differentiated niche luxury beauty brands into category leaders in China,” said Lu Guo, founder and CEO of the firm.

About Ushopal

Ushopal is one of the fastest growing brand management groups in China, specializing in niche GenZ-focused luxury beauty brands. It supports its beauty brand partners with a network of 2,500 luxury influencers, an in-house content studio, a branding team, Tmall retail operations and global logistics.

Healthcare investment firm OrbiMed Advisors secures capital commitments for new Asia fund

Global life sciences investment firm OrbiMed Advisors announced it has secured $3.5 billion in commitments during its latest fundraising efforts, which included $800 million for OrbiMed Asia Partners IV.

The firm’s Asia Partners series of funds invests primarily in Chinese and Indian startups and growth stage companies across the fields of biotech, pharma, medical devices, diagnostics and healthcare. It plans to make investments in approximately 20 portfolio companies, ranging from $10 million to $100 million.

About OrbiMed Advisors

OrbiMed is a leading healthcare and life sciences investment firm, with approximately $18 billion in assets under management. The firm operates a team of over 100 professionals based in New York, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya and other key global markets.