Funding round
AVATR Series B
AVATR, which works in electric vehicle manufacturing in China, raised $412M in a Series B round announced on 30 Aug 2023, led by Changan Automobile and Bank of Communications, at a $2.75B post-money valuation. 10 firms took part, 3 of them already investors.
$412M
Amount raised
$2.75B
Post-money valuation
$2.34B pre-money
10
Investors
2 leads
15%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced AVATR at $2.75B after the new money. The $412M bought investors about 15% of the company. It is AVATR's first venture round on record, 5 years after it was founded in 2018. No later venture round is on record for AVATR.
AVATR's funding rounds
This is the only venture round on record for AVATR.
- Series B this round 30 Aug 2023, led by Changan Automobile and Bank of Communications $412M$2.75B post-money
Investors
Who put money in
Changan Automobile and Bank of Communications led the round with 8 other firms. Changan Automobile, Contemporary Amperex Technology and China South Industries Group Corporation (South Industry Assets Management) had backed AVATR before.
Lead investors
- Changan Automobile existing investor
- Bank of Communications new investor
Also in the round
- Southern Capital new investor
- Liangjiang Industry Capital new investor
- Chongqing Industry FOF new investor
- BOCOM Financial Asset Investment new investor
- GDD Holding Group new investor
- Contemporary Amperex Technology existing investor
- China South Industries Group Corporation (South Industry Assets Management) existing investor
- Guangzhou Development District Holding Group new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Automobile Dealers & Manufacturers, then Series B rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Automobile Dealers & Manufacturers | 11 Apr 2024 | $110M | not disclosed | not named |
| Automobile Dealers & Manufacturers | 6 Sep 2022 | $150M | not disclosed | not named |
| Abcuro Pharmaceutical Products | 17 Aug 2023 | $155M | not disclosed | Redmile Group and Bain Capital Life Sciences |
| Biotechnology | 9 Aug 2023 | $109M | not disclosed | Flagship Pioneering |
| Employment Agencies & HR Consulting | 23 Aug 2023 | $80M | not disclosed | Drive Capital |
| Industrial Machinery & Supplies | 8 Aug 2023 | $73M | not disclosed | Temasek and Shell Ventures |
| Batteries | 30 Aug 2023 | $60M | not disclosed | GM Ventures and General Motors (GM) |
| Health Care Services | 22 Aug 2023 | $60M | not disclosed | Town Hall Ventures and Foresite Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did AVATR raise in its Series B round?
AVATR raised $412M in its Series B round, announced in Aug 2023.
Who led AVATR's Series B round?
Changan Automobile and Bank of Communications led it, with Southern Capital, Liangjiang Industry Capital, Chongqing Industry FOF, BOCOM Financial Asset Investment and GDD Holding Group and 3 more.
What was AVATR's valuation at the Series B round?
$2.75B post-money ($2.34B pre-money).