Sky9 Capital portfolio company Smart Share Global closes Nasdaq IPO

Venture capital firm Sky9 Capital's portfolio company Smart Share Global, has completed its IPO on the Nasdaq stock exchange under the ticker ‘EM’, at a market capitalisation of USD2.3 billion at closing.

Smart Share Global is a consumer tech company providing an innovative mobile device charging network across China under the brand Energy Monster. Roughly 219 million cumulative users (as of 31 December, 2020) no longer have a need to carry personal power banks thanks to the network of 664,000 locations covering 1,500 regions in China.

Users pay a deposit through their digital wallet and scan a QR code on a cabinet to release the power bank. Cabinets are located in convenient locations such as entertainment venues, restaurants, shopping centres, hotels, transportation hubs, and public spaces.

Shanghai-headquartered Smart Share Global was founded in 2017 and generated a USD433 million turnover for the year ended 31 December, 2020. Goldman Sachs, Citi, China Renaissance and BOCI Asia are the joint bookrunners on the deal. 

Sky9 Capital was one of the first investors in Smart Share Global in 2017 and has continued to support the company through subsequent rounds of financing.

Ron Cao, Sky9 Capital Founding Partner, says: “Energy Monster’s power bank sharing business model is disruptive and scalable as it offers a very convenient and efficient user experience for consumers. The company’s founder Mars Cai has a keen understanding of how to build a great consumer product and brand, and he has a strong passion and commitment to building an exceptional consumer business overall. In just four years, Mars has created a large, nationwide network of power banks that is ubiquitous, reliable, and easy-to-use, providing users with a true "anytime and anywhere" charging service. We look forward to seeing the company continue to empower more users in more consumer opportunities in the future. Congratulations to Mars and his entire team at Energy Monster!”