Friday Fundings: WM Motor, Bright Health, and GOAT
Chinese EV Maker Raises $1.47 Billion
WM Motor, the Chinese EV maker, secured $1.47 billion in a Series D funding round. WM Motor is backed by Baidu (BIDU) and Tencent (TCEHY), and is one of China’s highest-funded EV startups. The company competes with Chinese electric vehicle companies Nio (NIO), Xpeng (XPEV), and Li Auto (LI), which all trade in New York. Some are speculating that WM Motor could be getting ready to join them with an IPO. Tesla (TSLA) is also working to gain market share in China and competes with WM Motor.
WM Motor will use its new funding to work on creating smart cockpits fueled by 5G-powered technology as well as Level-4 driving capabilities. It plans to achieve these goals over the next 3-5 years and will hire 3,000 engineers to do so.
Bright Health Secures $500 Million
Bright Health, a health insurance company that also offers clinical care and other services, raised $500 million in a Series E funding round. The investment came from funds and accounts advised by T. Rowe Price Associates, Tiger Global Management, and Blackstone (BX). The round brings the Minneapolis-based company’s valuation to $1.5 billion.
Bright Health has over $1.2 billion in annual net revenue and provides coverage to more than 200,000 people. With the new funding, the 5-year-old company plans to scale its tech platform and to offer a wider variety of health insurance options.
Online Sneaker Retailer Secures $100 Million in Funding
GOAT, the online sneaker marketplace, secured $100 million in a Series E funding round led by D1 Capital Partners. The company is now valued at $1.75 billion—up from its previous valuation of $550 million.
The luxury sneaker market in North America is estimated to be worth about $2 billion, and some analysts expect it to be worth $30 billion worldwide by 2030. GOAT will use its new funding to keep up with growing demand for its products. The company already facilitates the sale of more than 350 sneaker brands. It is planning to expand its shoe offerings and to sell more apparel and other products.
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