In last week’s news, embattled Faraday Future raises additional funds before possible listing, Jack Ma-backed biotech startup secures funds in a series C round, while logistics startup FlashEx raises a confident Series D round.
EV-maker Faraday Future secures additional funding before back door listing on NASDAQ
Faraday Future, the electric vehicle company founded by Chinese online video pioneer and Leshi Holding Group founder Jia Yueting, announced it has raised fresh funds totaling $100 million.
The company disclosed that of the new investment, $85 million comes from funds managed by the credit group of Ares Management Corp. The remaining $15 million was raised from funds managed by affiliates of Birch Lake Fund Management LP, according to the company’s Friday announcement.
Faraday Future declared they will use the new funds to build and equip its manufacturing facility in Hanford, California, in the run-up to the eventual manufacturing of its first mass-produced car, the FF 91.
The company is reportedly preparing for a back door listing on NASDAQ.
About Faraday Future
Founded in 2014 by Jia Yueting, Faraday Future is a US-based start-up technology company focused on the development of electric vehicles.
Jack Ma-backed Brii Biosciences raises $155 million in series C round
Brii Biosciences (Brii Bio), the Jack Ma-backed multinational innovative therapies developer running operations in both China and the US, has raised $155 million in a Series C round of financing ahead of its potential listing in Hong Kong.
The new financing was led by Invesco Developing Markets Fund, with considerable additional funding from Singapore’s sovereign wealth fund GIC and another global investment management organisation that was not disclosed in Brii Bio’s announcement on Tuesday.
Other investors who took part in the deal included healthcare-focused investment platform Lake Bleu Capital and an unspecified Asia-based investment firm, as well as three existing investors.
Proceeds from the investment round will be used to advance Brii Bio’s broad infectious diseases pipeline and its central nervous system (CNS) programme.
The firm was reportedly considering an initial public offering in Hong Kong as soon as the first quarter of 2021.
About Brii Biosciences
Founded in May 2018 with $260 million in venture funding from investors including ARCH Venture Partners, Sequoia Capital China, 6 Dimensions Capital, Boyu Capital, Blue Pool Capital, and Yunfeng Capital, which was co-founded by billionaire Jack Ma, Brii Bioscienses focuses on accelerating innovation and optimizing access to the latest medicines for Chinese patients.
Logistics startup FlashEx bags $125 million in series D round
On March 30, FlashEx, a Chinese logistics startup that provides intra-city express delivery services, raised $125 million in the second tranche of a series D funding round led by Shunwei Capital, Wuyue Capital, SIG, Tiantu Capital, with Lighthouse Venture Capital serving as a financial consultant.
“FlashEx innovates a seemingly traditional industry in the Internet era with algorithms and big data, so as to efficiently match people, goods and transportation in different time and space. With the improvement of life quality and the pursuit of high efficiency, more and more customers are willing to use FlashEx, a point-to-point local express, to get the most timely and high-quality service at a small premium. Since our investment four years ago, FlashEx has grown into a well-known delivery brand. The sustainable boom of FlashEx can be expected,” Gong Ting, the managing director of SIG, one of the investors, said.
FlashEx has not only changed the lives and work habits of many users, but has also led to changes in e-commerce, supermarkets, medical care, finance and other industries, thus attracting many investors.
Since its establishment seven years ago, more than 1 million couriers have shuttled through the streets of 222 cities to deal with emergency delivery for more than 100 million users.
FlashEx is an express courier that delivers everything from flowers, cakes to personal IDs and gadgets within a city. The company is well-known for its quick delivery process, with orders being made in an average of 1 minute, initial pick-up in 10 minutes, and 60 minutes intra-city delivery.
The firm has not only changed the lives and work habits of many users, but has also led to changes in e-commerce, supermarkets, medical care, finance and other industries, thus attracting many investors.
Since FlashEx was established seven years ago, more than one million of its couriers have shuttled through the streets of 222 cities to deal with emergency delivery for more than 100 million users.