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EV-focused Rockets Capital raises $200 million from Xpeng, others

By Reuters

SHANGHAI – Rockets Capital, a fund focused on investments in the smart energy vehicle (EV) supply chain, said on Thursday it raised more than $200 million from investors that included Xpeng, Sequoia China, IDG Capital and GGV Capital.

The round’s strategic anchor investor was electric vehicle manufacturer Xpeng, Rockets Capital said in a statement, adding that eGarden and 5Y Capital were among other investors.

Rockets Capital, which was established early this year, said it would operate independently of Xpeng but would leverage the Chinese carmaker’s industry expertise and resources.

The fund also said it had already entered into agreements to invest in several leading enterprises in its target industries, without disclosing further details.