Venture Capital: Chinese EV Maker Geely Nabs $750M Series ‘A’ For Its Zeekr Brand

February 21, 2023 | Latest News, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2023/02/zeekr-001-ev23.jpg

Zeekr was valued at $13 billion in the fundraising.

On February 13th, 2023, Zhejiang Geely Holding Group (Geely Holding), the largest private-owned automotive group in China, announced a successful fundraising of USD 750 million for its premium pure play electric mobility brand, ZEEKR Intelligent Technology (Zeekr), based in Hangzhou, China.

The investment was made by five investors, including Prof. Amnon Shashua, Contemporary Amperex Technology Ltd (CATL), Yuexiu Industrial Fund, Tongshang Fund, and Xin’an Intelligent Manufacturing Fund. After the completion of this Series-A fundraising, Zeekr will be valued at USD 13 billion. (Geely)

Zeekr plans to use the funds raised to expedite the development of its proprietary technologies and expand its global market presence by entering the European market in 2023. Geely Holding’s CEO, Daniel Donghui Li, expressed his confidence in the brand’s growth prospects and its strong future resulting in securing a high valuation.

Zeekr, a luxury global electric vehicle (EV) brand, was established on April 15th, 2021, with R&D capabilities in Gothenburg, Sweden, and Hangzhou, China.

In October 2021, the brand began delivering its flagship model, the Zeekr 001 (pictured), and has since delivered over 80,000 units. In January 2023, the company started shipping its full-size EV MPV, the Zeekr 009, to users.

Daniel Donghui Li, CEO of Geely Holding Group said: “Geely Holding will continue to explore ways to unlock value across our portfolio as we pioneer new services and mobility solutions to meet customer demand across the world.”

According to CNBC, Zeekr was said to have filed confidentially for an IPO in the US in December.

Related Story: Chinese EV Maker Aion Raises $2.53B Series A

Image: Zeekr Flagship 001 EV

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