Xiao Dian powers up with B+ round cash injection
Power bank-sharing firm boasts valuation of just over US$300 million as industry continues to grow despite skepticism
Wireless charging provider Xiao Dian has announced the completion of serval hundred million yuan in B+ round financing, The Paper reported.
Founded in 2016 amid the boom of China’s sharing economy, Xiao Dian’s power banks are distributed in various consumption scenarios, such as a dining table in a restaurant to provide instant charging, which is called “desktop charging.”
Other business models include renting out portable power banks in vendor machines.
Though the market has been skeptical about whether the real demand for such services exist, power bank-sharing firms are continuously growing.
Xiao Dian said the total cash injection they received in both B and B+ rounds has exceeded US$100 million. The valuation of the firm is now over US$300 million.
According to the iResearch Consulting Group, in the past two years the power bank-sharing industry has received financing 31 times.
While more than half are concentrated in the angel round of financing, about 23% are in the A round. Xiao Dian is the first charging provider to march into B round.