FAW Group will reportedly provide $100m for TUS Holdings-backed Byton for a $500m round likely to value the electric SUV developer at more than $2.5bn.

China-based electric car developer Byton is set to raise approximately $100m from carmaker FAW Group as part of a series C round with a $500m target, Bloomberg reported yesterday, citing people familiar with the matter.
Byton is reportedly seeking a valuation of more than $2.5bn in the round, the sources said, though reports in January 2019 suggested the company was aiming for a valuation as high as $4bn.
Founded in 2016 as Future Mobility, Byton is working…

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
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