(Bloomberg) — Bain Capital is leading a $200 million investment in Chinese energy startup Newlink Group, helping the platform connect more gas and charging stations across the country.
Newlink also attracted funding from existing investors including Joy Capital, the company said in a statement. The financing values the firm at more than $1 billion, according to a person familiar with the matter. Newlink declined to comment in an emailed statement.
Founded in 2016, Newlink is an online platform that helps match drivers in China with gas stations and charging piles. The service helps gas station and electric-vehicle charging station owners increase sales, reduce procurement costs, manage operations and boost profit, the company says.
Through its apps Tuanyou and Kuaidian, Newlink targets the 400 million drivers in China, connecting 23,000 partner gas stations — a fifth of the country’s network — with 700,000 charging piles, or 90% of the total.
Other backers include CMB International, CICC Capital, Xiaomi Corp., Nio Capital, Korea Investment Partners China, SME Development Fund and Hongtai Aplus, the company said. Joy Capital, which was an early investor in 2019, manages more than $1.5 billion and focuses on new infrastructure and emerging technology investment in China.