The portable battery-sharing startup Energy Monster has closed $71.5 million in a Series C funding round led by Softbank Ventures Asia.

Providing table-mounted and take-away chargers in public places, Energy Monster will use the fund to expand its business offerings and explore new opportunities.

 

China saw a huge market of 305 million shared power bank users and will see an increase of up to 408 million users in 2020.

According to iiMedia Research, Energy Monster held 20.9% of the charger-sharing market share in China by June 2019 — placing it third in the market race after Jiedian and Xiaodian with 40.5% and 23.6% market share respectively.