Latest Zhangfei Chuxing News
Apr 7, 2020
iPhone screenshots of Chinese electric-bicycle charging station operator Zhangfei Chuxing April 7, 2020 China’s Zhangfei Chuxing, which operates charging stations for electric bicycles, is raising 200 million yuan ($28 million) in a new funding round, while commercial workspace decoration service inDeco has closed $20 million in a Series C round led by Eight Roads Ventures. Charging stations operator Zhangfei Chuxing to raise $28m Zhangfei Chuxing, which operates charging stations for electric bicycles in China, is raising 200 million yuan ($28 million) from a government-led fund as the company targets to enhance operations in the eastern part of the country. The startup recently closed the first tranche of the investment at 70 million yuan ($10 million), which will be used to finance the deployment of more electric-bicycle charging stations across eastern China’s provinces including Jiangsu, Shandong, Henan and Anhui, said the firm in a WeChat post on April 4. The company did not specify the investor of the round. Established in 2016, Zhangfei Chuxing primarily provides 24-hour lithium battery-powered electric bicycle rental and charging services to delivery people through a mobile app. Based in eastern China’s Shandong province, the company has built more than 150 charging stations across 19 cities largely in central and eastern China, shows the company website. The development of home delivery service has been accelerated, as revenues of most industries suffer from declines and difficulties arise in their fundraising efforts amid the coronavirus pandemic, said Zhangfei Chuxing in the post. The startup continued that the segment of ride-sharing & food delivery service of two and three-wheel electric vehicles remain attractive as it witnessed its business volume to “grow with each passing day.” The company previously completed at least five funding rounds from investors including Matrix Partners China, Hangzhou-based private equity company KYMCO Capital, consumer-focused investment firm QS Capital, and SVB Capital, the venture capital unit of US-based Silicon Valley Bank. Commercial workspace decor service inDeco raises $20m inDeco, a Chinese startup that offers commercial workspace decoration solutions, has closed $20 million in a Series C round of financing led by Eight Roads Ventures, the investment arm of London-based investment management service Fidelity International. German chemical producer BASF, and French construction materials maker Saint-Gobain participated in the Series C round. Chinese investment companies Source Code Capital and Gaolisheng Bamboo Investment Management – both existing shareholders – continued to inject capital into the investment, said Randy Wan Liushuo, founder and CEO of inDeco in a WeChat post on Tuesday. The investment is said to be the first one Saint-Gobain made into a company in Asia. “Although the restart of our businesses [from the Lunar New Year] was slowed down due to the pandemic, the number of newly-signed clients unexpectedly increased in the first quarter [of 2020],” said Wan. China’s nascent internet-based home design and decoration industry was projected to have grown 26 per cent year-on-year to reach 433.8 billion yuan ($61 billion) in 2019, according to iiMedia Research. The market has seen the growth of companies like Hangzhou-based Kujiale , a cloud-enabled firm that reached a unicorn valuation of over $1 billion after a Series D+ round in October 2019, and Alibaba-backed 3vjia.com , which closed 500 million yuan ($71 million) in its latest Series C round. Beijing-based inDeco received 110 million yuan ($16 million) in a Series B round from Chinese chemical firm Red Avenue New Materials, Ideate Investments, Gaolisheng Bamboo, and Shanghai-based Qianzhang Investment in April 2019. The company also completed a Series A round led by Source Code Capital in December 2018, and an angel round from Wujie Space, which was acquired by its homegrown co-working space peer Ucommune in March 2018. Financial terms of the previous two rounds remained undisclosed.