Dec 25, 2019 (China Knowledge) - China’s power bank rental provider Energy Monster has successfully raised RMB 500 mln (USD 71.4 mln) in its Series C funding round.
Founded in 2017, Beijing-based Energy Monster is a power bank rental company providing shared charging stations across China. Users can rent the power bank by scanning a QR code located at the charging stations. There are two types of power bank available for rental, consisting of fixed charging points and portable power banks.
According to Energy Monster’s website, the company operates in over 1,300 cities, with total user base of about 100 mln in the country. It is considered to be one of the largest power bank rental providers in China, along with competitors Xiaodian, Jiedian and AnkerBox.
After closing this funding round, it is expected to enhance its business operations and expand distribution channels. Energy Monster will be looking into improving the sustainability of its revenue and better meet users’ preferences via smart energy terminals.
The power bank rental sector has been growing in China, with total users expected to reach over 305 mln this year, and 408 mln by 2020.
The latest funding round was led by SoftBank Ventures Asia, the venture capital arm of Japanese conglomerate SoftBank Group.
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