NIO Capital said on Monday it raised a yuan-denominated fund of more than 3 billion yuan ($416.8 million) to invest in technologies in new energy vehicles, energy transition and smart manufacturing industries.
NIO Capital, whose managing partners including Chinese electric vehicle (EV) maker NIO founder Li Bin, said local Chinese government-backed funds, national funds, family offices and public companies have invested in the new yuan fund, without providing details.
NIO Capital, founded in 2016, has invested in Chinese EV battery giant CATL and lithium battery material company Ningbo Ronbay New Energy.
Its portfolio also includes autonomous driving startups Momenta and Pony.ai, as well as chip companies such as Black Sesame Technologies, CIX Technology and Sichain Semiconductor.
The fund is the second yuan-denominated that NIO Capital has raised. Aside from these funds, NIO Capital has also raised U.S. dollar-denominated funds.
Reuters